Kevin McCabe’s Scarborough Property Group has sold the £220m Clearwater portfolio to new investment vehicle Greenhills Real Estate.
Greenhills, which has been formed by the management of Hemingway Properties, is paying £220m, reflecting a 7% yield.
The 31-strong portfolio of mainly office and industrial buildings across the country produces an annual income of £16m.
The portfolio includes the 145,000 sq ft Park One office campus in Bracknell, which is let to Siemens, Leitch Europe and Viatel Internet; and Atlas House in the City, EC2, which is let to Bank of Tokyo.
Tudor Toone advised Greenhills. Lambert Smith Hampton advised Scarborough.
References: EGi News 01/03/06
