Property Week - January 5, 2010
Telereal Trillium has put a £475m portfolio of assets mainly let to Royal Bank of Scotland up for sale.
It has appointed CB Richard Ellis to sell the Oak portfolio, which comprises 55 assets including the Coutts headquarters on the Strand, Drummonds’ headquarters on Trafalgar Square and Child and Co headquarters on Fleet Street.
More than 45% of the income on the portfolio comes from the London assets. The properties are mainly let to Royal Bank of Scotland until 2037 with annual RPI-rental uplifts.
Graeme Hunter, group property director, Telereal Trillium said “Following the purchase of this portfolio two years ago we have had regular enquiries from many parties interested in acquiring single assets. Since the summer however, the level of interest in a larger portfolio transaction has increased dramatically and as such we see the time as being right to test the market’s appetite for this excellent product.”
Telereal Trillium bought the properties at the end of 2007 in a sale-and-leaseback deal from RBS.
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