Property Executive - February 26, 2007
PRUPIM has purchased the freehold interest in National Grid House, Warwick Technology Park, Warwick for £61 million on behalf of one of its client funds.
The property comprises 244,192 sq ft of office accommodation, conference and meeting facilities, a health and fitness centre and a restaurant in six interlinked buildings. The net initial yield was 5.45%. The property was purchased on a sale and leaseback agreement, let to National Grid Electricity Transmission plc on a 20-year lease with a tenant's option to break at year 15.
Steffan Francis, PRUPIM's Head of Institutional Funds commented: 'We are very pleased to have secured a flagship headquarters office building with a long, well secured income. We expect to invest substantial sums this year in similar well let investments across the sectors.'
Savills acted for PRUPIM and GVA Grimley acted for National Grid.
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