It has been a bumpy start for the commercial retail sector has now seen a few larger acquisitions that are sowing the seed for much needed stability.
Canada’s PSP Investment arm is looking to acquire a 50% stake in a £1 billion Central London property portfolio currently owned by Aviva Investments.
At a cost of £500 million, the funds investment will be the catalyst needed to continue development in the EC3 area notably Fountain house and Iron Gate House schemes well as opportunities in the west end , such as 41 – 46 Piccadilly W1.
Elsewhere Palmer capital and Opus North have taken over two property portfolios from Morrisons at a cost of £175 million, a 6% yield all the assets bought including a second portfolio see Morrisons retaining their 25 year unexpired leases.
Exciting times seem to be returning to the west end with news that Private equity firm Tamares is looking for a sale lease back of its HQ in 41 Dover street. The 10,400 sq ft office building is being pushed at offers over £50 million.