Tuesday, Feb 09, 2010
I just stumbled across this ...
London Offices News: Telereal puts £475 million London property portfolio on market
Property investment firm Telereal is selling 55 UK properties worth around £475 million. The company is believed to be the testing the market’s appetite for large portfolios with the sale of these assets. Telereal has appointed CBRE to sell the office properties, which are principally let to RBS. Significant prooperties included in the portfolio are the London offices of Coutts on The Strand, Drummonds HQ on Trafalgar Square and Child & Co HQ on Fleet Street. The properties will remain let to RBS until 2037. The sale is the majority of the 63 buildings acquired by Telereal in a 2008 £800 million sale-and-leaseback deal. More than 45% of the portfolio’s income is generated from the London properties.
Posted by mark wadsworth @ 09:44 PM (343 views) Add Comment
3 Comments
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1. stillthinking said...
Running for the door. Testing the market looks a bit similar to getting out first.
2. paul said...
Pent up supply.
3. str 2007 said...
Reading the header they bought 63 buildings for £800 million and are selling 55 of them for £475 million.
I hope the 8 buildings they're hanging onto are worth at least £325 million.