International real estate adviser Savills has confirmed it acted for Sirosa Liberty in its acquisition of the freehold interest in London department store Liberty for £41.5 mln (EUR 46 mln). The investment volume reflected a yield of 4.8%.
International real estate adviser Savills has confirmed it acted for Sirosa Liberty in its acquisition of the freehold interest in London department store Liberty for £41.5 mln (EUR 46 mln). The investment volume reflected a yield of 4.8%.
Liberty will lease the flagship department store back and has agreed to pay £2.1 mln per annum on a new 30-year lease.
John Rigg, director at Savills, commented: 'Liberty is an iconic London department store and the price and lease terms agreed made it a very interesting investment opportunity for our client.'
Liberty was advised by Knight Frank. Solicitors Russell Cooke acted for the vendor.
