Leslau’s Prestbury Investment Holdings has sold seven properties to Hermes, ten days after the fund manager expressed an interest. The price of £263m reflects a net initial yield of 6.5%.
The portfolio mainly comprises office buildings in the south-east, four of which are in London´s West End and included the 145,000 sq ft Holborn Gate, 330 High Holborn, London WC1; MacMillan House, 98 Kensington High Street, London, W8 ; 8-14 Bedford Street and 66-68 Chandos Place, London WC2 and 3-5 Burlington Gardens, London W1.
Hermes also acquired two business parks; Hampshire Corporate Park in Chandler´s Ford and Norreys Park, in Maidenhead. The portfolio also includes a retail element of 32 shops on Stevenage High Street.
Rupert Clarke, Hermes Head of Property, commented: 'The transaction was challenging in the extremely competitive portfolio sector.' He said that the acquisition would give Hermes´ portfolio the West End element that it had been seeking.
Prestbury was represented by Franc Warwick while King Sturge acted for Hermes.
Source: Freeman / Property Week