DTZ Investors is closing in on a trio of deals in the City and its fringe as part of a £140m spending spree.
The investment manager is under offer to buy 47 Mark Lane, EC3 from Land Securities for around £70m, reflecting a yield in the region of 5%.
The 85,000 sq ft building comprises seven floors of multi-let office space.
DTZ is also under offer to buy the Tech City Portfolio from Martins Properties for around £25m.
The three-building portfolio was put up for sale in September through Hatton Real Estate and Springer Nicholas with a guide price of £23.5m, reflecting a 5.44% yield.
It includes 130 City Road, 140 Old Street and 100 Bunhill Row, all EC1.
Total rental income is £1.4m.
Finally, DTZ has agreed terms with Derwent London to buy Suncourt House at 18-26 Essex Road, N1 for around £18m.
The 27,200 sq ft Islington office block is multi-let following a McDowell+Benedetti designed refurbishment carried out by Derwent.
Added to DTZ’s £29m purchase of Eagle House, EC1 from Mount Anvil, which closed this week, the latest deals take the firm’s spending spree in the area to around £142m.
DTZ invests on behalf of multiple pension fund mandates including National Grid, Imperial Tobacco and Strathclyde Pension Fund.
A source said: “Funds have substantial sums to invest before the year-end and the City fringe is seen as attracting substantial growth potential.”
Strutt & Parker and Richard Susskind advised on the disposals of Mark Lane and Suncourt House respectively.
