Prudential Annuities has paid Lattice Property around £19m for the Transco office headquarters at 35 Homer Road, Solihull.
The deal reflects an initial yield in the region of 6.7%
The 63,500 sq ft (5,899 sq m) scheme (pictured) is being built by Lattice on its own land and will be leased back to sister company Transco at a fixed rent, believed to be around £20 per sq ft (£215 per sq m).
Justin Marshall, from Jones Lang LaSalle, which advised Lattice, said: “This deal reflects the continuing strong demand from the investment market for strong covenant income in prime locations such as Solihull.”
Lattice Property was advised by JLL and Ashurst Morris Crisp. Prudential Annuities was advised by DTZ Debenham Tie Leung and Lovells.
EGi News 25/04/02
