Standard Life Investments Property Income Trust has completed its acquisition of Capital Court in Uxbridge for £10.98m from Capital & Counties.
The 55,000 sq ft office is let to Manpower, IBB, and a Chinese restaurant on seven leases with an average unexpired term of eight years.
There is also a vacant suite of 7,500 sq ft. The purchase reflects an initial yield of 10.95% on the contracted income of £1,157,000pa.
Letting the vacant suite will add a further £180,000 pa to the rents receivable based on current ERVs.
The purchase was made from cash held by the company. Following the purchase the company has cash of £33m and a net LTV of 38%.
Strutt & Parker advised Standard Life; Capital & Counties was advised by Tudor Toone and King Sturge.
