Gladius buys in Charing Cross
Family trust Gladius has bought 95/99 Charing Cross Road, WC2, for £4.5m – a yield of 4.25%. The site, let to Café Nero, was sold by a private UK family. Colliers International acted for Gladius; Savills represented the seller.
Nan Fung returns to the City
Hong Kong developer Nan Fung has bought the Isle of Man-based unit trust that owns the City headquarters of law firm Withers at 19 Old Bailey, EC4, for £75m – a circa 4.5% yield. The trust is managed by First Names Group. GM Real Estate advised Nan Fung; GVA acted for the vendor.
CERN ploughs pension into EC3
The pension fund for employees of the European Organisation for Nuclear Research is buying Monument Place, EC3, for £95m – a 4.25% yield. Rockspring and asset manager Alchemy are selling the 75,000 sq ft speculative development after a spate of letting activity, with committed tenants including Cahill Gordon and Reindell. Knight Frank advised Rockspring; Savills represented CERN.
M&G exchanges on Spitalfields
M&G Real Estate has completed its acquisition of the London Fruit & Wool Exchange building in Spitalfields, E1, from Exemplar for £55m. M&G will demolish the existing building in Q1 2015 for a 320,000 sq ft scheme designed by Bennetts Associates. Knight Frank acted for M&G; CBRE represented Exemplar.
The only way is Essex for RLAM
Royal London Asset Management has bought Scimitar Park in Basildon, Essex, from CBRE Global Investors for £10.7ºm – a net initial yield of 6.25%. The 130,000 sq ft industrial estate is let to four tenants with an average of 6.5 years to lease expiry. Strutt & Parker advised CBRE GI; RLAM was represented by Knight Frank.
