The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

Friday, 7 August

Setting the Compass for South East Rentals

26 June 2015 | Updated 01 January 1970
 

Legal & General Property (LGP) has purchased a South East office portfolio (known as 'Compass') for £135.5m. Sold by JLL and Capital Real Estate Partners on behalf of a private family office client, the six high quality offices are located in the towns of Weybridge, Maidenhead, Slough, Bracknell, Basildon and Cobham.

All properties are held freehold and are single let, with current tenants including Costain, Oracle, Proctor & Gamble and Honeywell. The portfolio spans 452,233sqft, has an average rent of £20.61 per sq ft and a current total income of circa £9.3 million per annum. The portfolio was purchased by L&G’s UK Property Fund, a Property Authorised Investment Fund.

Matt Jarvis, Fund Manager at Legal & General Property, said: "This was a great opportunity to acquire high quality assets in strong South East towns where occupier demand remains high but investment opportunities are often few and far between. The portfolio is fully let by blue chip tenants and its underlying strengths make it a natural fit for our UK Property Fund. They are decent income-producing assets and we see further potential for asset management by our team.”

Noel Lander, Director, South East Office Investment at JLL, said: “A portfolio of this scale and quality is and will remain, a rare commodity. Combining this with an opportunity to enhance and drive future performance through rent reviews and negotiating lease re-gears meant the portfolio was met, as expected, with a high level of interest from investors. The sale of this portfolio highlights the strength of demand for South East offices, which continue to show a discount in pricing compared to both Central London and the ‘Big Six’ regional office centres.”

Picture: Costain, Oracle, Proctor & Gamble and Honeywell have found a new landlord - L&G.

Article written by Brian Shillibeer | Published 26 June 2015

Share



Related Articles

Pinsent Co-opted on McColl's Deal

International law firm Pinsent Masons has advised McColl's on its acquisition of 298 convenience stores from the Co-operative Group Limited for an aggregate...

 Read Full Article
United Capital Acquires Saltire Facilities Management in Largest Deal To Date

United Capital completes its largest deal to date as they acquire national central heating and electrical services firm, Saltire Facilities Management. United...

 Read Full Article
Property Industry Offers Vacant Buildings For Key Workers

In an open letter to the Prime Minister, property professional bodies are offering vacant buildings to help support the country as it responds to the global...

 Read Full Article
UKWSL Acquires C&M Waste Management

Waste management broker UKWSL has acquired Kent-based C&M Waste Management. C&M announced on their website: “We have recently become a wholly owned...

 Read Full Article
WSP Global Inc And AECOM Deal Moving Ahead

WSP Global Inc. is moving ahead with its acquisition of rival engineering services firm AECOM, as reported by Bloomberg. Neither company has yet made any...

 Read Full Article
Have Your Say – PropTech Survey

Share your views in the latest survey from GoReport, and shape the future of PropTech. If you work in the property sector this is your chance to contribute to the...

 Read Full Article
Vroom With A View - Bicester Plans Automotive Resort

Bicester Heritage has planned a 344-room hotel as part of an overall vision for a souped-up automotive resort on a former RAF site. The plans have been submitted for...

 Read Full Article
Wake-up And Smell The Coffee - Starbucks Takes LEED

Starbucks has just opened  the first-of-its-kind drive-thru in Yeading with new sustainable design features. The brand new store is LEED (Leadership in Energy and...

 Read Full Article
Hoxton Hub

International co-working developer, Areaworks, opened  its first site in the UK, in Hoxton, East London, on the evening of July 5. It brings a new way of working...

 Read Full Article
Property Price World Cup - England Fall At Final Hurdle

London’s West End has been ranked second most expensive office market in the world with the City of London back in the Top 10 - but which city keeps on giving a...

 Read Full Article