Schroder Real Estate Investment Trust is selling Victory House, in Brighton, to NFU Mutual Insurance Society for £36.1m in a deal reflecting a 4.9% net initial yield.
The UK-focused REIT has exchanged unconditional contracts to sell the 85,000 sq ft office block, which is let to Bupa Insurance Services and Mott MacDonald.
It has an average weighted unexpired lease term of 7.7 years and the current rent is £790,000 pa, increasing to £1.88m pa in September on expiry of a rent-free period.
The deal is expected to complete by 30 April 2019.
Gerald Eve advised Schroder; JLL advised NFU Mutual.
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