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News Release

London

​​APAM completes sale of 800 The Boulevard, Capability Green for £15million

JLL advised APAM on the transaction


 

London 8 July 2016 - APAM has completed the sale of 800 The Boulevard, Capability Green, Luton to Tritax Property Income Fund for £15 million which equates to 6.07% net initial yield. JLL advised APAM throughout the transaction.

 

APAM originally acquired the Grade A headquarters office building on behalf of Varde Partners with 3.5 years unexpired. A new 10-year reversionary lease was agreed to create 13.5 years term certain at the point of sale.

 

Simon Cooke, director at APAM said: "APAM has been working closely with the tenant since the property was acquired which resulted in Impellam making a further long term commitment to the building. A decision to sell was made to take advantage of the demand for long dated income in high quality office buildings irrespective of the uncertainty created by Brexit."

 

Tim Legge, fund manager at Tritax said: "This Grade A South East headquarters office is a strong addition to the Fund's initial portfolio of 7 assets and further demonstrates our team's ability to source good-quality stock."