MEPC is selling Trevelyan Square – its only investment holding in Leeds – because it no longer fits in with the company’s strategy.
The market price of over £14m reflects a yield of 8.25%
MEPC’s Richard Walters said: “We’re selling this because we’re now looking for office lot sizes in excess of £20m and we have no critical mass in Leeds.”
The city centre mixed-use scheme, includes 5,000 sq m (54,000 sq ft) of offices at 1 Trevelyan Square, 1,719 sq m (18,500 sq ft) of offices and retail at Ambler House, a Marriott hotel and NCP car park.
Justin Garnett of MEPC’s adviser Jones Lang LaSalle, commented: “We’re talking to funds, institutions and foreign investors and we’re ahead of the quoting price at the moment.”
EGi News 12/04/00
