AXA falls for Bath House
AXA Real Estate Investment Managers has completed its deal to buy into the Bath House development project, as revealed by Estates Gazette last month (23 October, p31). AXA has paid David Khalili’s Favermead around £45m for the 230,000 sq ft office scheme on Holborn Viaduct, EC1. Favermead will retain a development role.
Invista buys in Bristol and Birmingham
Invista REIM has bought the 280,000 sq ft Maybrook business park in Minworth, Birmingham, from Croudace Properties for £13.4m – an 8.8% yield. It also purchased an 86,000 sq ft shed, One Portbury in Bristol, from London and Devonshire Trust for £6.7m – a 6.75% yield. Gerald Eve advised Invista on Maybrook, Alder King advised on Portbury. BNP Paribas Real Estate acted for Croudace.
…and sells in Nottingham
Henderson Global Investors has bought a 138,000 sq ft industrial unit at Sherwood Business Park in Nottingham. Invista sold the property for £8.9m, reflecting a 7.25% yield. Jones Lang LaSalle acted for Henderson; Cushman & Wakefield advised Invista.
Longcross goes for Gold
Administrator Baker Tilly has sold the 144,365 sq ft Gold 11 portfolio to Longcross Property Investment Fund and a client of Ripley Asset Management. The portfolio, which comprises 39 office buildings in 15 business park developments across the UK, was sold for £14.2m – a 9.28% yield.
F&C nails Wickes shed deal
F&C REIT has bought a 53,000 sq ft shed in Birmingham, West Midlands, from AXA Sun Life for £10.7m – a 6.48% yield. The standalone bulky goods retail warehouse is let to DIY chain Wickes at £733,292 pa. BC Commercial acted for F&C REIT; Morgan Williams advised AXA.
james.buckley@estatesgazette.com
