Treasury Holdings, the Irish property developer, has sold three UK properties for an estimated £77m to three separate purchasers.
The portfolio of properties Treasury purchased from Hermes Fund Management in
1997 has now been sold, with the exception of a Travelodge hotel currently being developed in Peterborough scheduled to open in December 2006.
Commenting on the sales Guy Leech, Group Finance Director, Treasury Holdings, said: “The British property market remains very attractive to investors due to long leases, transparency, rental growth and the prospect of long-term stability.
“We will continue to pursue opportunities in the UK market.”
Treasury’s agents on the deals were GVA Grimley. The prices for the individual properties have not been disclosed.
The properties, Stuart House in Peterborough, South Bar House in Banbury, and Tolworth Tower in Kingston, Surrey, were acquired by Treasury Holdings in a joint venture with GE Capital in 1997 as part of a portfolio of eleven properties bought from Hermes Fund Management.
In December 2000, GE Capital was bought out and the portfolio was refinanced with new debt facilities from German Bank, Helaba and global investment bank, Lehman Brothers.
Further refinancing for the portfolio was completed in November 2005.
Stuart House in Peterborough is a four storey purpose built office block constructed in the mid 1980’s. It comprises 118,205 sq ft in the city centre and is multi-let.
South Bar House in Banbury is a four storey purpose built office block comprising 36,730 sq ft. Constructed in 1977, the property is multi-let.
Tolworth Tower in Kingston, Surrey, is a 21 storey office, retail and hotel building comprising 320,000 sq ft.
Designed by Richard Seifert in 1963, it is multi-let and has ground floor retail let to Mark & Spencer, Boots and other major retailers, a Travelodge Hotel developed by Treasury on the site in 2005, and offices let to a variety of tenants including the Inland Revenue, Close Brothers and Amec.
Treasury Holdings currently controls an investment and development property portfolio worth in excess of £1.5bn worldwide including Shanghai and Dublin.
References: EGi News 30/06/06
