CB Richard Ellis Investors announced that its Strategic Partners UK team has sold One Leeds City Office Park to Credit Suisse for £17.17million (approx 19.5 mln.) representing a net initial yield of 8% per annum. The property comprises of 60,000 ft² (5,555 m²) of office accommodation let to Trillium Prime Property GP Ltd.
One Leeds City Office Park was sold to Credit Suisse for 19.5 million.
The property is let on three separate leases recently agreed at approximately £21/ft², for a term of 15 years with a break available at the tenth year.
Commenting on today's announcement James Routledge, Principal, Strategic Partners UK said, "CBRE Investors continues to actively manage its portfolios within the Strategic Partners UK series of funds and the sale of this property is a reflection of our commitment to deliver performance to our investors."
Strategic Partners UK purchases, repositions, develops, holds for investment and sells institutional quality real estate throughout the UK. The value-added investment strategy of the funds is based on four key areas: refurbishment; leasing of space and/or lease repositioning; intensive asset management; and development. The Principals' investment experience includes the execution of 63 value added investments with a total asset value of over £950 million.