RICS heads to Brum
The RICS is to close its Coventry office and relocate to Birmingham by the end of the year. It had planned to prelet 36,000 sq ft for its new operational HQ at Coventry’s £1.5bn Friargate scheme, but this fell through. The move is driven by a need for “more suitable workspace for a growing 21st century professional body”.
£286m logistics buy
Oxenwood Real Estate, in a joint venture with a Canadian institution, has completed the acquisition of a portfolio of prime UK logistics properties for £286m from a jv between Lone Star and Anglesea Capital. The Ultrabox portfolio comprises nine assets, totalling 3.9m sq ft, located across the UK. Oxenwood was advised by M1 Agency and JLL; DTRE advised the vendor.
Grosvenor returns
Grosvenor has reported a total return of 0.3% in its UK and Ireland business in 2016, down from 10.7% the year before, as profit fell by 4.9% to £79.2m. Overall total return was 8%, down by one percentage point. The company said the results were ahead of expectations, partly because of the fall in the pound and a strong performance in its US and Asia Pacific businesses.
Funds for E14 tower
Cain Hoy has arranged a £450m loan for Canary Wharf Group for the development of One and Five Bank Street, E14. Some £112.5m, or 25%, of the loan to develop the 715,000 sq ft scheme has been provided by QIA. Completion is slated for 2019.
Lawyers cash in
A lawyers’ pension fund has sold Hempsons House, WC2, to InfraRed Capital Partners for more than £25m – a yield of circa 4.75%. GM Real Estate advised the pension fund; BBG Real Estate Advisers represented InfraRed Capital.
