F&C Commercial Property Trust has acquired Abstract’s Leonardo Building near Gatwick Airport in West Sussex for £45.3m – a 5.3% net yield.
Abstract is developing a 110,545 sq ft office building with 401 car parking spaces on a three-acre site at Manor Royal in Crawley.
In May, Abstract announced that it had leased the building in its entirety to Virgin Atlantic for 16.5 years at an initial rent of £23 per sq ft.
BMO Real Estates Partners manages the property for F&C Property Trust. Dowley Turner Real Estate and Forsters acted for F&C Property Trust.
BMO office head Daniel Plummer said: “We are delighted to have secured this investment leased to a first-class tenant in an area of very limited supply with strong growth potential.”
Abstract group chief executive Mark Glatman said: “The Leonardo Building will be a great asset when completed, combining highly cost-efficient space with great environmental credentials.”
