GlanEuro UK Property Fund has made its maiden purchase with the acquisition of a Leeds office and retail building for £6m, a yield of around 6%.
The Irish-listed fund set up by Spanish bank Banif – part of the Santander group – bought St Andrews House from Leeds developer Burford Park Estates.
The €100m (£67m) fund, which is 50% geared, is managed by Cardales.
Burford occupy offices on the second floor of the 18,000 sq ft listed building, located at the corner of The Headrow and Park Row.
Other tenants include HFC Bank, part of HSBC with 3,600 sq ft, law recruitment specialist Sacco Mann with 1,800 sq ft on the 2nd floor, and finance and administration recruitment specialist Sewell Moorhouse with 1,800 sq ft on the 3rd floor.
The ground floor retail units are let to C&G, part of the Lloyds TSB Group, and Caffè Nero.
Charlie Cudworth, development director of Burford Park Estates said: “As developers, we are pleased to have concluded the sale of St Andrew House.
“We recently refurbished the property, which is located directly adjacent to Leeds traditional office core.
“We identified a lack of supply of good quality open plan floor space in the area and the success of St Andrew House highlights this ongoing issue.
References: EGi News 04/10/06
