Elecricity Supply Pension Scheme (ESN) has paid Merseyside Pension Fund £5.3m for a building on Birmingham Business Park, near the M42 in the West Midlands. The deal reflects a net initial yield of 7.37%.
ESN bought the freehold of Building 3300 on Solihull Boulevard at the park which is close to the M42. The 3,193 sq m (34,366 sq ft) office and warehouse building is let to Sema Group on a 25-lease from 1991 at £409,000 pa.
ESN Property Investments and GVA Grimley acted for the purchaser while FPDSavills and Edmund Kirkby acted for Merseyside.
EGi News 20/01/99
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