The Fidelity UK Real Estate Fund has completed the purchase of a 70,220 sq ft (6,530 m2) office building in Solihull, UK for £19.9 mln (€27.5 mln) with a net initial yield of 7.1%.
The Fidelity UK Real Estate Fund has completed the purchase of a 70,220 sq ft (6,530 m2) office building in Solihull, UK for £19.9 mln (€27.5 mln) with a net initial yield of 7.1%.
The property is let to electricity generator NPower and is arranged over four floors across three wings with an adjacent multi–storey car park with 220 parking spaces.
Franck-Steier Price acted for Fidelity Worldwide Investment.
The completion of this deal brings the Fund’s assets under management to £400 mln.
It is the fifth acquisition made by the Fidelity UK Real Estate Fund since June. Other purchases have included a prime retail block on Bridlesmithgate, Nottingham, a 42,000 sq ft modern office in Southampton city centre let to Bond Dickinson, a national law firm, a multi-let industrial estate in Bedford and a prime, multi-let period office on Colmore Row, Birmingham.
