Workspace sells Leyton estate
Workspace Group has exchanged contracts on the sale of an industrial estate in Leyton, E10, to Capital Industrial One for £23m – a 4.8% yield. The 135,544 sq ft estate was sold at a 25% premium to Workspace’s March valuation of the asset. Allsop acted for Workspace, JLL represented Capital Industrial.
China Taiping makes UK debut
Insurance company China Taiping has secured an off-market deal to purchase the Corn Exchange at 55 Mark Lane, EC3, from fellow Chinese firm Reignwood Group. It has agreed to pay around £120m – a 5% yield – for the 160,000 sq ft building. The deal is the company’s first commercial property investment in the UK. Neither side was represented.
Beijing buys Friary Court
Chinese investor Beijing Capital Development Holdings is buying Friary Court, EC3, for £67m – a 4.5% yield. Vendor HIH Global Invest paid £42.6m for the 75,000 sq ft building in 2009. HIH was advised by CBRE and Bilfinger GVA; BCDH was advised by Cushman & Wakefield.
Highgate bags 10 K+K hotels
Goldman Sachs and Highgate Hotels have completed the purchase of K+K Hotels’ 10-hotel, 1,184-bedroom portfolio for €350m (£257m). The assets include Hotel George in Kensington, SW5. The largest hotel in the portfolio is the 201-bedroom K+K Hotel Opera in Budapest, Hungary. JLL acted for K+K.
Fidelity powers up in Solihull
The Fidelity UK Real Estate Fund has acquired the home of energy company NPower in Solihull, West Midlands, for £19.9m – a 7.1% yield. The acquisition of the 70,220 sq ft grade-A office block brings the value of Fidelity’s assets under management to £400m. Franck Steier Price advised Fidelity.
