Vintage Capital International (VCIL), a private investment company owned by a Zakay Family Trust, has acquired three Coventry office buildings let to Barclays Bank.
The purchase price was close to £14 million (approx. 16.4 million) equating to a net initial yield of 11.2%.
The three buildings at Westwood Business Park in Coventry, totaling 125,333 ft² (approx. 11,350 m²), were developed in 1989 and fully refurbished by Barclays in 2009.
The buildings are leased to Barclays with 12 years remaining with a minimum of 7.5 years of term certain.
Mark Kingston, Co-Managing Director of Topland Group who advised Vintage on the sale said: "This is an excellent Grade A specification office campus in an established business park, leased off low rents to Barclays Bank and acquired off an attractive running yield".
This is the second property acquired by Vintage following its £11 million (approx. 12.9 million) purchase in November of a retail block on High Street, Sheffield.
Colliers advised VCIL and Joiner Cummings represented the undisclosed vendor.
Source: mj2
