Saturday, November 18, 2006

National Grid Pursuing £61 Million Sale Leaseback of UK HQ

Property Week reports that National Grid is pursuing the sale and leaseback of its UK headquarters in Warwick Technology Park as part of an ongoing property review. National Grid has reportedly listed the property with GVA Grimley's Birmingham office. The property is expected to sell for £61.5m reflecting a yield of 5.4%. The sale leaseback agreement will include a 20-year lease with a break after 15 years and a fixed annual rent increases of 2.5%.

Phil Edwards, National Grid's property strategic sites manager, is said to be managing the transaction on behalf of National Grid. The transaction was prompted by the attractive property investment market in the UK. National Grid intends to reinvest the proceeds in its core infrastructure business. National Grid owns more than 600 sites across the UK. Sphere: Related Content

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