Quintain has sold 140 Cambridge Science Park to Mayfair Capital Unit Trust for £6.4m – a yield of 7.8%.
Sold on behalf of Quintain’s SeQuel Fund, the sale was undertaken at a premium to its March 2011 valuation.
The 25,000 sq ft office building is let to Jagex Limited with a tenant-break option in November 2014. It forms part of the 1.5m sq ft Cambridge Science Park, which provides office accommodation for technology and support service companies.
As at 31 March, SeQuel had £83.7m of assets under management, delivering £9m of rental income.
Peter Doyle, head of investment at Quintain, said: “The completion of this sale above book value enables us to crystallise the value we created by regearing the lease. This will be recycled into new acquisition opportunities as well as targeted asset-management activity.”
Drivers Jonas Deloitte acted for Quintain.
james.buckley@estatesgazette.com
