Friday, February 19, 2010

Topland Seeking £200 Million for Net Leased Property Portfolio

Property Week - February 19, 2010

Topland plans to sell 20 assets to reinvest in larger corporate sale and leaseback deals.

The 20 UK assets across a range of sectors being sold include: a BUPA hospital on Gray’s Inn Road, WC1 for around £10m, an 84,000 sq ft City office at 51-55 Gresham Street, EC2 at £46.8m, which would reflect a yield of 7.5%; an 184,008 sq ft Royal Mail sorting and distribution centre in Plymouth at £14.7m, a 60,803 sq ft Call Centre let to Orange being marketed at £10.8m and a range of Budgens, Sainsbury, Somerfield and Tesco supermarkets priced between £3m and £8m.

Tom Betts, Topland’s director of structured finance, said: “There is currently strong demand for good covenants and longer term income driven by the institutions and equity rich investors. The properties are all at the smaller end of our portfolio but are in an attractive price range which banks can fund.

“Topland is currently focused on larger assets and corporate sale-and-leasebacks both in the UK and Europe.”

Cushman & Wakefield, Jones Lang LaSalle and Lewis & Partners are advising on sales.

Eddie Zakay is chairman of Topland’s UK-based operations. Sol Zakay is based in Topland Group’s headquarters in Gibraltar. Sphere: Related Content

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