DTZ IM buys Cobalt portfolio for EUR 109m

DTZ Investment Management (DTZ IM) has purchased a £93.5 mln (EUR 109 mln) portfolio from Wellcome Trust, comprising nine prime retail, industrial and office properties for a net yield of 6.1%.

The mixed-use portfolio comprises three high street shops in Birmingham, Leeds and Nottingham, three retail parks in Bangor, Stamford and Milton Keynes, a West End office, a distribution warehouse in Oxford and an office building in Theale. These have a total floor space of 33,700 m².

The Cobalt portfolio has a net annual rental income of £5.9 mln and is secured on strong covenants including Barclays, Orange, Halfords, Lidl, DSG, NatWest and Royal Mail. Over 50% of the income is secured on leases in excess of 10 years.

DTZ advised DTZ IM on the purchase, Cushman & Wakefield acted for Wellcome Trust.