Invista Foundation Property Trust has acquired the BT building in West Bromwich for £14.9m – a 7.6% net initial yield.
The property comprises a 75,000 sq ft new office development which is let for fifteen years without break options to BT. It will become the company’s largest tenant paying a rent of £1.2m pa – 4.7% of the total portfolio rental income.
Knight Frank has valued the property upon completion at £18.9m – a 6% net initial yield and a 27% increase relative to the purchase price.
Following the acquisition, the company has a net loan to value ratio of 42.3%.
annabel.dixon@estatesgazette.com
