Trust ploughs £249m into farms
Wellcome Trust has completed a landmark agricultural investment deal with the £249m purchase of Co-operative Group’s farms. The 39,553 acres of freehold and third party-owned land comprises 15 farms, three packhouses, 100 homes and 27 commercial buildings. Bidwells advised Wellcome Trust; Savills acted for the Co-op.
Valad takes its leisure in Brum
UK & European Investments has completed the £34.7m sale of Fiveways Leisure Park in Birmingham to Valad Europe. Valad European Diversified Fund’s purchase of the 199,702 sq ft building for Blue Coast Commercial Investments reflects an 8.1% net initial yield. GVA acted for Valad Europe; Cortex Partners represented UK & European.
LondonMetric buys £5.5m Vue
LondonMetric has purchased a Vue cinema in Birkenhead, Merseyside, from Opus Land (North) for £5.5m – a 7.7% net initial yield. The seven-screen cinema is let to Vue for 15 years on RPI fixed leases with 2-4% annual uplifts. Knight Frank advised LondonMetric; CBRE acted for Opus.
Bramley ripens for Rockspring
NewRiver Retail has sold Bramley Shopping Centre in Leeds to Rockspring’s UK Value 2 fund. The £18.5m deal for the 121,342 sq ft centre, which comprises 54 shops, reflects a 7.2% yield. Strutt & Parker and Barker Proudlove advised for Rockspring; Jackson Criss advised the vendor.
LIM checks in to Staycity
LaSalle Investment Management has bought the Staycity aparthotel in Deptford, SE8, from Galliard Homes for £9.5m – a net initial yield of 7.1%. The 93-bedroom hotel is let to Staycity on a 25-year index-linked lease. Galliard Homes was represented by Gerard Nolan; Conway Relf advised LIM.
