Legal & General has bought a prime London industrial estate and office investment for £51.9m on behalf of its UK Property Fund.
The 250,910 sq ft headquarters facility for multinational electronics company JVCKENWOOD was bought for a net initial yield of 6.2%.
The 9.3-acre site is located on the M1 North Circular intersection at Staples Corner, NW2.
The site is fully let and generates a rent of £3,395,873 pa, with two leases expiring in 2025 and the third in 2020.
The deal follows hot on the heels of the fund’s acquisition of the Alexis portfolio for £86.3m from Fairholme Estates, a portfolio of seven retail properties located around the UK.
Matt Jarvis, senior fund manager of the Legal & General UK Property Fund, said: “One of the most prominent sites on the North Circular, this investment represents a well-let, dynamic property in a sector that we believe continues to offer strong growth prospects. The price offers up front yield reward as well as the opportunity to add further value.”
Cushman & Wakefield advised the vendors and Colliers advised Legal & General.
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