LaSalle Investment Management, acting on behalf of BAE Systems Pension Funds Trustees, has sold two office buildings at Crewe Toll in the north of Edinburgh to a syndicate of private investors for £94 mln (EUR 139 mln). La Salle Investment Management said the transaction reflected a yield of 5.04%.
LaSalle Investment Management, acting on behalf of BAE Systems Pension Funds Trustees, has sold two office buildings at Crewe Toll in the north of Edinburgh to a syndicate of private investors for £94 mln (EUR 139 mln). La Salle Investment Management said the transaction reflected a yield of 5.04%.
Crewe Toll is a mixed used development which the backers hope will create 9,000 jobs for the city. The two properties, Crewe Toll West and East, Ferry Road, are let to BAE Systems Electronics until 28 November 2024 and generate a total annual rent of £5 mln.
'We will look to immediately reinvest the money into industrial assets and will also look at alternative sectors, such as car parks,' said Julian Agnew, a Director at LaSalle Investment Management. Jones Lang LaSalle advised LaSalle Investment Management. Barrs Freer Smith and Steadman Brierley acted for the syndicate of private investors.
