Private equity real estate investor, Henley, has completed the leasehold sale of a 99,000 sq ft office asset at Newcastle’s Cobalt Business Park.
Henley sold the property, which is currently let in its entirety to Proctor & Gamble, to an un-named ‘high net worth individual’ for £16.75 million, with a yield of 7.2 per cent.
Commenting on the sale, Chief Executive Officer of Henley, Ian Rickwood, said: “We are extremely pleased with the asset management and subsequent disposal of this investment delivering excellent returns for our investors.
“A 20 per cent IRR is a superb result and strongly validates our earlier acquisition and general strategy.
“We continue to invest significantly in all value opportunities and remain confident that Henley secures exceptional deals for its investors – our commercial acquisition strategy now turns more to Europe.”
Henley was established in 2006 and, as of May 2014, controls a portfolio of assets in the commercial, residential, healthcare and debt real estate markets worth around £500 million.
Cobalt Business Park, is regarded as one of the UK’s premier out of town office locations, with an impressive occupier line-up featuring the likes of Accenture, Hewlett Packard and Santander.
Henley was advised by Cushman & Wakefield and the buyer was advised by Matthew & Goodman.
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