Aldgate Tower sold for £346m
A China Life and Brookfield joint venture has completed the acquisition of Aldgate Tower, E1, for £346m – a net initial yield of 4.9%.
The pair have bought the 325,000 sq ft building from Starwood Capital-backed Aldgate Tower Investments. Cushman & Wakefield acted for the vendor; the buyers were unrepresented.
HB Reavis buys 61 Southwark St
Aberdeen Asset Management has sold the freehold interest in 61 Southwark Street, SE1, to Slovakian developer HB Reavis for £44m.
It has planning for a 77,000 sq ft refurbishment and extension. Colliers International advised Aberdeen Asset Management; Knight Frank acted for HB Reavis.
LondonMetric snaps up retail
LondonMetric Property has acquired a three-acre site from Tesco in Ipswich, where it intends to develop a new 30,000 sq ft retail park; 20,000 sq ft has been prelet to Wickes.
The development is expected to complete in summer 2017 at a total cost of £8m, reflecting an anticipated yield of 7.7%. Both parties were unrepresented.
Woking spec wins £40m funding
Lamron Estates and SJR Properties have secured £40m of forward funding for a 82,750 sq ft speculative office development in Woking, Surrey, from Royal London Asset Management.
BNP PRE arranged the funding on behalf of Lamron Estates and SJR Properties; Griffiths Eccles acted for Royal London Asset Management.
LaSalle gets rid of retail park
LaSalle Investment Management has sold Atlantic Street retail park in Altrincham, Greater Manchester, to Sui Generis Investments.
The 80,000 sq ft asset, where B&Q is currently the only occupier, was sold for £14m. Cushman & Wakefield acted for Sui Generis; Savills advised the vendor.
