The requested news item does not exist. Please return to News
Jones Lang LaSalle’s Capital Markets team advises on successful sale of rare business park opportunity
LONDON - 22 July 2013 Jones Lang LaSalle has advised SEGRO on the sale of the IQ Winnersh business park for £245.1 million to Winnersh Holdings LP, a joint venture between Oaktree Capital Management LP and Patrizia AG.
Following the letting of 3,400 sq m at the newly refurbished E2 office building, announced in April, it had a vacancy rate of 7.5 per cent and a weighted average unexpired lease term to break of 5.5 years.
The sale price represents a net initial yield of 5.8 per cent which rises to 7.4 per cent when the benefit of rental guarantees and top-ups in relation to lease incentives is included.
Phil Redding, SEGRO’s Chief Investment Officer, added: “We are very pleased to have been able to secure the sale of IQ Winnersh on these terms, achieved through a competitive tender process and reflecting the attributes of the Park. The sale is very much in line with our ongoing focus on recycling capital out of assets at the appropriate time in the cycle in order to crystallise gains from higher value uses and redeploy funds into other profitable growth opportunities in our core markets.”
+44 (0) 207 399 5216
+44 (0)207 087 5390