Bristol Investment Conclude £45m Hat-Trick of Deals in a Week

The South West Investment team has concluded three investment transactions last week totalling £45m.

Unite House in Bristol, a student residential scheme totalling 395 units, was purchased on a sale and leaseback basis from Unite Group Plc for PRUPIM at a price of £21.5m which reflects an initial yield of 6.08%. The lease was for 25 years. The rent is to be reviewed to 3% per annum for 3 years and thereafter RPI increases subject to cap and collar increases of between 2-5%.

6020 Western Approach in Bristol was purchased for Threadneedle UK Property Trust at a price of £3.69m which reflects an initial yield of 7.75%. The warehouse unit totals 51,053 sq ft and is let to McFarlane Group UK Limited for a further 10½ years at a rent of £5.93 per sq ft.

On behalf of CBRE Investors, The Pavilions in Bristol was sold to Computershare for £20.5m. The building totals approximately 200,000 sq ft and half the building was let to Computershare for a further 4 years with the remainder being vacant.

source : CB Richard Ellis