UK REIT London & Stamford has completed the acquisition of Unilever House, a 17,000 m[sup]2[/sup] office building at Leatherhead Office Park in Surrey, for £61.1 mln (EUR 76 mln), reflecting a net initial yield of 6.85%. The vendor is Scottish Widows Investment Partnership and Orchard Street Investment Management.
UK REIT London & Stamford has completed the acquisition of Unilever House, a 17,000 m2 office building at Leatherhead Office Park in Surrey, for £61.1 mln (EUR 76 mln), reflecting a net initial yield of 6.85%. The vendor is Scottish Widows Investment Partnership and Orchard Street Investment Management.
The property is let to Unilever UK Limited at a rent of £4.43 mln per annum. The unexpired lease term will run for a further 11 years. The building was purpose-built for Unilever in 2008 and also serves the company's UK & Ireland headquarters. The purchase also includes 520 car parking spaces and an existing planning consent to extend the building.
