Wednesday, 22 July 2015
Centurion acquires Leeds business park for €24.6 mln (UK)
Centurion Properties has acquired Lawnswood Business Park, a modern, high-quality business park in Leeds, through a new vehicle , Centurion Capital Partners, which is funded by ICG-Longbow, a specialist UK property investment manager.
Centurion Capital Partners has acquired the park from Canmoor for £17.25 mln (approx. €24.6 mln). The price reflects a net initial yield of 8.6% and an equivalent yield of 9.2%.
Located in an attractive landscaped environment, fronting the Leeds Outer Ring Road, five miles from Leeds city centre, Lawnswood Business Park comprises eight detached office buildings, totalling 147,355 ft² (approx. 13,690 m²)
Lawnswood Business Park is multi-let to 14 tenants and produces a total passing rent of £1.58 mln (approx. €2.25 mln) a year, which equates to £14.74/ft². The vacancy rate is 27.4%.
Centurion’s acquisition of Lawnswood is its second business park acquisition this year, following its appointment of Richard Cotton as Chairman to help drive its ambitious growth plans. In February, the company bought Bretby Business Park near Burton-upon-Trent.