Property Week - March 10, 2004
R20, the property investment vehicle of Robert Tchenguiz, announced today it has bought four buildings from Dana Commercial Credit. The purchase price is understood to be £260m. The buildings, adjacent to Farnborough Airport in Surrey, provide 255,000 sq ft (23,690 sq m) of office space, and are let to BAE Systems.
The properties give a combined rental income of $20.7m. At today's exchange rate, this equates to £11.37m, and the deal reflects a net initial yield of 4.4%. Robert Tchenguiz said: "The acquisition continues our strategy of investing in long-term, blue chip cashflows supported by high quality assets with a useful life well beyond expiry of the current leases"
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Thursday, March 11, 2004
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