CBRE Global Investors announces that it has purchased four assets on behalf of a segregated account for £36.265 million (approx. 43 million).
The acquisitions are:
- Wey Retail Park, Byfleet, for £12.85 million. The property provides a modern retail warehouse scheme arranged in a terrace of four units totaling 35,760 ft² (approx. 3,300 m²) gross internal area. It is let to four major retailers including Comet Group Plc and Pets at Home Ltd with an average unexpired term of over 11 years. The vendor was LaSalle Asset Management.
JLL acted on behalf of CBRE Global Investors and Wilkinson Williams acted for the vendor.
- 77 Queen Victoria Street, London EC4, for £11 million. The property comprises approximately 26,841 ft² of office and ancillary accommodation over lower, ground and four upper floors. The building has been acquired vacant with a planned refurbishment of the property and a letting program afterwards.
Beltane Asset Management acted on behalf of CBRE Global Investors.
- Ashburton Park, Trafford Park, Manchester, for £6.815 million. This multi-let industrial estate comprises nine well let units with an average unexpired term of 4.89 years and is let to a variety of national and local covenants. The vendor was PRUPIM.
KYT Properties acted on behalf of CBRE Global Investors. PRUPIM acted for themselves.
- 28-32 St Ann Street, Manchester for £5.6 million. The attractive period building is a single let corner retail unit and comprises 23,313 ft² over six floors. It is let to Gap on a 10-year lease and is well located in the city center. The vendor was Grant Thornton UK LLP.
Jackson Criss acted for CBRE Global Investors and Savills acted for the vendor.
Gary Moore, Fund Manager commented on the acquisitions: "We are in the process of creating a portfolio of direct and indirect investments for our client and these four assets fit well with the strategy of building a balanced portfolio by property type and geography.
"We have had an active 18 months buying for the fund and these four acquisitions bring the total invested to circa £165 million. We believe these additions will contribute to the short- and long-term performance of the fund."
Source: Citigate Dewe Rogerson