Highcross has bought a portfolio of four regional office buildings from Northern Britain Property Partners in a £9m deal.
The price for the properties – Midgery Court in Preston, Carlton Tower in Leeds, Carbrook business park in Sheffield and Marina Court in Hull, reflects a net initial yield of 12.53%.
The portfolio totals almost 120,000 sq ft and is let to 27 tenants including Hewlett-Packard, Lloyds Banking Group, Big Lottery Fund and Storeys SSP.
Richard Pellatt, director of Highcross’ Northern office, said: “The purchase represented an opportunity to acquire a quality office portfolio with a diverse regional spread and strong mix of tenants. The prime locations and building flexibility offer excellent opportunities for increasing occupancy and enhancing asset values.”
He added: “With more than £200m of equity available for new purchases, we remain keen to acquire properties in established regional locations which provide active asset management angles.”
Ryden and Allsop advised on the sale.
samantha.mcclary@estatesgazette.com
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