LaSalle acquires £12 million long leasehold interest for Coventry retail block (UK)
Tuesday 26 June 2012
LaSalle Investment Management today announces that it has completed the acquisition of long leasehold interest of a retail block in Coventry city center. LaSalle paid approximately £11.9 million (approx. €15 million) for the leasehold interest reflecting a net initial yield of 7.6%.
The buildings, situated in a prime location in Coventry city center, are located on 41-47 The Precinct and 5-15 Market Way. The block is let to both BHS Limited for a further 20 years and to Carphone Warehouse for 5.5 years.
Stuart Richmond-Watson, Regional Director at LaSalle said: “We are delighted to acquire the long leasehold interest of a prime building in Coventry city center. The deal is testament to our expertise in sourcing high quality real estate for our institutional clients and the tenants.”
LaSalle was represented by Kitchen La Frenais Morgan and the vendors Canadian & Portland were represented by John Miles & Company.