CBRE Global Investors, the global real estate investment firm, announces the completion of four acquisitions across the UK for a total of £20 mln (approx. 24.8 mln).
The acquisitions are:
18-20 Boscawen Street, Truro, has been acquired for £6 mln (approx. 7.4 mln). Currently let to BHS until 2022, the building totals 38,200 ft² (approx. 3,548 m²).
19-21 Cornhill, Bury St. Edmunds, currently let to Barclays Bank and Mountain Warehouse until 2026 and 2021, respectively, has been acquired for £4.3 mln (approx. 5.3 mln). The property totals 10,800 ft² (approx. 1,003 m²).
2 Inverkip Street, Greenock, a former Tesco store and cark park, has been acquired for £3.1 mln (approx. 3.8 mln). The 41,100 ft²(approx. 3,818 m²) building was bought on a sale and leaseback basis and a new 20-year lease (expiring 2032), with RPI linked reviews and no break clauses was agreed.
Tesco supermarket, Limervady, Northern Ireland, has been acquired for £6.25 mln (approx. 7.7 mln). The 36,313 ft² (approx. 3,373 m²) site is let to Tesco until 2031.
Ric Crane, Director, Separate Accounts, said: "These four purchases offer secure, 10-year plus income streams at above average yields off low rental levels. This meets the requirements of our client and is line with their investment strategy."
The agents acting for CBRE Global Investors were Jones Lang LaSalle, Cushman & Wakefield, FG Burnett and BTWShiells.
Source: Citigate Dewe Rogerson