Crown sells Slough shop park
The Crown Estate has confirmed the sale of Bath Road Shopping Park in Slough, Berkshire, to Royal London Asset Management for £93.67m – a 5.5% yield. CWM acted for the Crown Estate; Wilkinson Williams advised Royal London.
Ferrari’s Ashby in retail debut
Ashby Capital and Quadrant Estates have bought the Morfa Shopping Park in Swansea for £83.5m – a 6% yield. The 256,000 sq ft park is let to tenants including Frankie & Benny’s and Harvester. Quadrant Estates will be asset manager. Wilkinson Williams acted for Ashby Capital; CWM acted for the Crown Estate.
L&G Funds sheds swap
Legal & General Property has sold a £176.5m portfolio of trade park estates out of its first UK Property Income Fund, into its Industrial Property Investment Fund. The sale marks the end of UKPIF’s lifespan. The price reflects a yield of 6.1%. The portfolio comprises 47 trade parks across the UK. CBRE advised IPIF; JLL represented UK PIF.
Spanish buyer for 9 Kingsway
UK & European Investments has sold 9 Kingsway, WC2, to a private Spanish client of French bank BNP Paribas for £45m – a yield of 3.8%. The 37,500 sq ft building is fully let with rents as high as £65 per sq ft. JLL acted for the vendor; BNP Paribas Real Estate advised the purchaser.
Schroder completes City buy
Schroder Real Estate has exchanged contracts to buy 55 Bishopsgate, EC2, for £187.5m – a 4.9% yield – from Canada Pension Plan Investment Board. It is purchasing the 198,000 sq ft freehold on behalf of a joint venture between Immobilien Europa Direkt, a Swiss pan-European fund managed by Schroders, and a separate account client. Strutt & Parker advised Schroders; CBRE acted for CPPIB.
