Oxford University Chest is rebalancing its portfolio by selling a high-yielding shop in Truro and an office in Newbury for a total of £3.5m and acquiring a retail unit in Ipswich.
Legal & General has paid £2.7m for the 1,183 sq m (12,735 sq ft) office block in Newbury, in a deal reflecting an 8.1% yield. The property is let to Vodafone for a further 17 years.
The university has also disposed of the Edinburgh Woollen Mill unit at 19-19A Pydar Street in Truro to Staffordshire Council Pension Fund for £775,000, reflecting a 6.9% yield.
Finally, OU has paid Scottish Equitable £1.9m for 31-31A Tavern Street in Ipswich, let to McDonalds for a further 24 years. The deal shows a yield of 5.8%.
Donaldsons advised OUC, Gregory Smith Boote acted for L&G, Scottish Equitable were represented by Hillier Parker while Gooch & Wagstaff advised Staffordshire Council.
EGi News 12/03/97
