Telereal Trillium appoints CBRE to advise on £475m sale

Telereal Trillium has appointed CB Richard Ellis to advise on the potential sale of the Oak Portfolio. The UK-wide portfolio comprises 55 assets principally let to Royal Bank of Scotland until 2037, with the leases benefitting from annual Retail Price Index (RPI) rental uplifts. CBRE said that it is aiming for a sales price of £475 mln.

Flagship assets include the Coutts Company headquarters on The Strand, Drummonds' headquarters on Trafalgar Square and Child and Co headquarters on Fleet Street. The London assets account for over 45% of the income.

'Following the purchase of this portfolio two years ago we have had regular enquiries from many parties interested in acquiring single assets,' said Graeme Hunter, group property director at Telereal Trillium. 'Since the summer, however, the level of interest in a larger portfolio transaction has increased dramatically and as such we see the time as being right to test the market’s appetite for this excellent product.'

Telereal acquired Land Securities' outsourcing business Trillium for £750 mln (about EUR 831 mln) in January 2009.