Teesland Advantage Property Income Trust (TAP) has acquired three investment properties for £13.72m, reflecting an initial net yield of 6.35%.
The listed
* Pagoda Park, Swindon, a 40,172 sq ft three-building office campus (let to Lucent Technology and Ericsson and Bentley Jennison for an average of 8.6 years), for £6.47m, reflecting a yield of 6.75%.
* The Parceline Distribution Depot, Newbury (a 50,050 sq ft distribution warehouse let to Parceline’s parent company, Geopost UK, for 3.5 years), for £4.45m, reflecting an initial yield of 6.46%.
* Integration House, Ancells Business Park, Fleet (a three-storey office building totalling 11,900 sq ft, with planning consent for a further 11,000 sq ft of offices, acquired from Gleeson Properties for £2.8m). Gleeson will enter into a new 10-year lease at a market rent of £18 per sq ft.
TAP said the acquisitions would be financed through a combination of existing debt and sale proceeds.
TAP is advised by Teesland Asset Management, a wholly owned subsidiary of Teesland iOG.
