SWIP sells Great Northern park
Scottish Widows Investment Partnership has sold its Great Northern retail park in Huddersfield, West Yorkshire, to LaSalle BAE Pension Fund for £44m – a 5.97% yield. The 157,000 sq ft park is let to tenants including Homebase and Next. Savills and Joiner Cummings acted for SWIP; Jackson Criss advised LaSalle.
Beltane buys St Paul’s House
Investment and asset management company Beltane Asset Management has bought St Paul’s House, EC4, from Grange Hotels for around £12.5m. The vacant 38,000 sq ft office will be refurbished over the next 12 months. Beltane was represented by Michael Elliott; Montagu Evans acted for Grange Hotels.
Invista seals City office deal
Invista Real Estate Investment Management has bought 30 Farringdon Street, EC4, for £19m – a 5% yield. The 59,000 sq ft office is let to Estates Gazette’s parent company, Reed Elsevier, for 40 years at £17 per sq ft. Morgan Capital Partners advised Invista; Kinney Green acted for vendor Pickering Properties.
Welsh double for L&G
Legal & General Property has bought two properties from the Welsh Investment Strategic Partnership for £23.4m, a 5.15% yield. WISP Properties has sold Nexus House in Newport and The Ellipse in Swansea. The buildings are let to the Welsh Assembly on 25-year leases. L&G was advised by Knight Frank.
Council snaps up Smee assets
Roger Smee’s Glancepress has sold 30/42 Market Place and 2/16b Peach Street in Wokingham, Berkshire, to Wokingham borough council for £9.2m – a 7% yield. The properties include 40,000 sq ft of shops, vacant offices and eight flats. Kitchen La Frenais Morgan represented Glancepress; Chase & Partners advised the council.
