CIT clicks on Finsbury Tower
CIT has bought Finsbury Tower, EC1, from Hermes Investment Management for £107m. The 153,000 sq ft tower is largely vacant and is located in London’s tech belt close to Old Street. Michael Elliott advised Hermes; Strutt & Parker acted for CIT.
Fubon to buy Cannon Place
Fubon Life is in advanced talks to buy Cannon Place, EC4, from Hines for around £500m – a 4.4% yield. The 418,000 sq ft building sits above Cannon Street Tube station. CBRE and Savills advised Hines; JP Morgan Asset Management is acting for Fubon.
Vengrove bags a pair
Vengrove, in partnership with Chenavari, has bought the 137,000 sq ft Newbury business park in Berkshire from Moorfield Group for £11.1m – an initial yield of 10.5%. They have also bought a 150,000 sq ft unit at Stakehill industrial estate in Greater Manchester from Legal & General for £8.6m – an initial yield of 9.8%. Vengrove was represented by Bray Fox Smith on Newbury and DTRE & WHR on Stakehill; Savills acted on behalf of Moorfield; Knight Frank acted for L&G.
Regal move for AXA in City
AXA Investment Managers – Real Assets has bought the REX Building at 62 Queen Street, EC4, from Aberdeen Investment Management for £70m. The 75,000 sq ft multi-let building was developed by Exemplar in 2007 on behalf of UBS. Strutt & Parker acted for Aberdeen; AXA was not advised.
TH digs forward funding
TH Real Estate has completed the forward funding of two student housing blocks. It has acquired 73-77 Penrhyn Road in Kingston Upon Thames, Surrey, and 110 Gilesgate in Durham, from CKC. They have a gross development value of £28m and will provide 114 and 109 beds respectively. Knight Frank advised TH Real Estate.
