SPP Investment Management has snapped up Pennine House in Leeds from London & Paris for £7m and almost completed its programme of reinvestment for this year
The buy was in line with its policy of reducing the average lot size of its portfolio. The 3,995m2 (43,000 sq ft) multi-let office building was bought on an initial yield of 8.3%. DTZ Debenham Thorpe advised London & Paris. Strutt & Parker acted for SPP.
Last month SPP bought two retail warehouses in Newbury from Chartwell Land for £9m on a yield of 7.75%.
