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Investment
Jones Lang LaSalle have completed two sales and leaseback deals for Scottish Widows Investment Partnership (SWIP), with a total purchase price of more than £26.5m.
The first transaction was Betterware’s 205,000 sq ft distribution headquarters in Minworth, Birmingham. SWIP purchased a 25 year sale and leaseback for £19.9m at a net initial yield of 6.4%. The
property will be
leased back to the occupier at an initial rental of £1.35m pa with
fixed uplifts every five years throughout the lease.
The second transaction involves four industrial properties in Blackburn,
Telford and Tamworth, purchased from Invotec for a total of £6.725m
at a net initial yield of 7.5%. All four properties will be leased back
to Invotec on a 15-year term with a total rent roll of £530,000
pa.
