BMO Real Estate Partners (BMO REP), part of Canada’s BMO Financial Group, has sold three commercial assets in the UK regions for £53.2 mln (€60 mln).
Executed on behalf of a segregated mandate client, BMO said that the terms were materially above latest book valuations.
'These strategic disposals follow a review of the portfolio where we believed it was an opportune time for us to realise the value created from each of these mature assets,' said Matthew Howard, director, property funds at BMO Real Estate Partners.
'We will be redeploying the capital into new income and growth assets where we see attractive long term prospects to continue generating value on behalf of our client.'
The disposals include a 240,600 m2 industrial unit in Bridgwater, Somerset, sold to sub-tenant EDF Energy for £16.25 mln. The freehold property was on a head lease to the Co-Operative Group Food Limited who have vacated.
The second disposal is of a freehold 90,000 ft2 data centre on the Aztec West business park in Bristol, sold for £8.8 mln. The property has been owned by clients of BMO REP since it was developed in 1992 and is fully let to Capgemini UK for another 4.5 years.
The third disposal is of St Marks Court, a 145,000 ft2 freehold office building located in Horsham, which was sold for £28.15 mln. The asset was originally acquired by clients of BMO REP in 2014, who previously owned and sold the building. The building is let to RSA Insurance PLC who recently regeared its lease to 2025 and has sub-let part of the building.
