Aviva sells £165m portfolio
Standard Life Investments Property Income Trust has acquired a portfolio of 22 UK commercial properties for £165m, a 5.9% yield, from Aviva Investors. The transaction will increase the trust’s gross assets by 50% and improve its liquidity. JLL acted for Aviva; Standard Life was represented by Deloitte.
St Modwen sells Letchworth
St Modwen has sold Letchworth Industrial Estate, in Hertfordshire, for £12.3m – a 5.2% yield – to Cresta Estates. Developed speculatively by St Modwen’s Northern Home Counties Region, the 90,666 sq ft estate was completed in November 2015. St Modwen was represented by Knight Frank; Norton Newman Investments acted for Cresta.
BlackRock takes multiplex
BlackRock has bought an Odeon multiplex cinema in Preston, Lancashire, for £10.2m – a 5.7% yield. The 10-screen, 33,000 sq ft cinema is let to Odeon Cinemas for another 23 years. It was sold by LondonMetric. Knight Frank advised LondonMetric; CBRE represented BlackRock.
Kames buys in Chatham
Kames Capital has bought Lordswood Industrial Estate in Chatham, Kent, from Aviva Investors for £12m – a 6.3% yield. The eight-acre estate has 24 units comprising 135,300 sq ft. It has a weighted unexpired lease term of 7.1 years. Clay Street Property Consultants acted for Aviva Investors; Savills represented Kames Capital.
Queensberry shops the Met
Queensberry Real Estate, backed by Revcap, has bought the Met Quarter shopping centre in Liverpool from Columbus UK Real Estate Fund. It paid around £18m – a 7% yield for the 136,000 sq ft mall. Savills acted for Queensberry; Coady Supple represented Columbus.
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