UK property investor Wichford has announced three acquisitions in the UK for a total investment of £23 mln (EUR 26 mln). In a statement on Wednesday, the company said that it has bought the Crescent Centre at the Temple Back area of Bristol from Henderson Global Investors for £14 mln, or a net initial yield of 7.89%.
UK property investor Wichford has announced three acquisitions in the UK for a total investment of £23 mln (EUR 26 mln). In a statement on Wednesday, the company said that it has bought the Crescent Centre at the Temple Back area of Bristol from Henderson Global Investors for £14 mln, or a net initial yield of 7.89%.
The multi-let 1970s office building totals 88,053 sq ft (8,175 m2) with 48 car parking spaces. The largest tenant is Her Majesty's Revenue & Customs and the Employment Tribunals. Government occupiers make up 86.5% of the passing rent.
Wichford has also exchanged contracts on two pre-let DSA Driving Centres in Gillingham and Uxbridge for a total acquisition price of nearly £10 mln, or a net initial yield of 5.92%. In both cases, completion is scheduled to take place before the end of May 2010. The two properties are both let on 40-year leases to the Driving Standards Agency. Gillingham and Uxbridge have tenant break options in year 15 and 20 respectively.
Wichford is a property investment company, with a portfolio focused on investment property occupied exclusively by Central and State Government bodies. Approximately a quarter of the portfolio comprises public sector rented properties in France, Germany and the Netherlands.
