Europa Capital's Fund IV and Ediston Real Estate have joined forces to purchase an office property in the south-eastern English city of Guildford for £40 mln (€55 mln), reflecting a net initial yield of 8.05%.
Europa Capital's Fund IV and Ediston Real Estate have joined forces to purchase an office property in the south-eastern English city of Guildford for £40 mln (€55 mln), reflecting a net initial yield of 8.05%.
Built in 2001 at Cathedral Hill, the 11,200 m2 property is currently let to Avaya on co-terminus leases expiring in August 2016. Sub-tenants within the property include Coutts, RBS and Enstar Group.
The asset was sold by M&G Real Estate.
'The investment provides an opportunity for Europa Capital to acquire well specified offices in a popular location. Furthermore, there is likely to be an opportunity to improve the accommodation, which should result in the creation of an institutional grade office investment,' said Robert Sim, partner at Europa Capital.
