L&G buys Cambridge mall
Legal & General Property has confirmed the purchase of the 500,000 sq ft Grafton Centre in Cambridge from M&G Real Estate for £99m – a 5.18% yield. The mall is anchored by Debenhams and has potential for refurbishment. Strutt & Parker and Bidwells advised L&G; Cushman & Wakefield represented M&G.
F&C lands Leonardo Building
F&C Commercial Property Trust has acquired Abstract Securities’ Leonardo Building near Gatwick Airport in West Sussex for £45.3m – a 5.3% net yield. In May, Abstract leased the building in its entirety to Virgin Atlantic for 16.5 years at an initial rent of £23 per sq ft. Dowley Turner Real Estate acted for F&C Property Trust; Savills advised Abstract.
Catalyst confirms Regatta buy
Catalyst Capital has confirmed its purchase of the Regatta Portfolio from Nationwide through KPMG as joint administrator of the De Stefano Property Group. It has paid £54m – an 8% yield. Regatta comprises six assets, including the 120,000 sq ft Brooks shopping centre in Winchester, Hampshire. CBRE advised the vendor; Catalyst was unrepresented.
L&G pays £87m for Brum block
Legal & General Property has acquired 1 Colmore Square in Birmingham city centre for £87.3m – a net initial yield of 4%. 1 Colmore Square covers 202,807 sq ft over 10 floors. CBRE advised the vendors; Knight Frank acted for L&G.
LaSalle bags Bucks office park
LaSalle Investment Management has purchased Kingsmead business park in the Thames Valley from Clearbell and Patron Capital for £40m – a 6.7% yield. The park comprises 142,673 sq ft of offices across five buildings built in 1992. It is multi-let to nine tenants. LaSalle was advised by Montagu Evans; CBRE acted for the vendors.
