A group of Middle Eastern investors advised by WW Advisors have joined forces with UK private investor Stainton to acquire Chapel Quarter in Nottingham for 拢20 mln (EUR 24 mln). The vendor is Royal London Asset Management's Scottish Life Fund. The deal reflects a yield of 8.75%.
A group of Middle Eastern investors advised by WW Advisors have joined forces with UK private investor Stainton to acquire Chapel Quarter in Nottingham for 拢20 mln (EUR 24 mln). The vendor is Royal London Asset Management's Scottish Life Fund. The deal reflects a yield of 8.75%.
Chapel Quarter is a 145,000 sq ft (14,000 m2) prime mixed-use island scheme in CBD Nottingham comprising four floors of offices, six prime retail units and a 120 bed Holiday Inn Express hotel. The property is 91% let to nine tenants including Thomson Reuters, Barclays and Global Radio with an average lease length remaining of 14 years.
David Swan, managing director of WW Advisors said: 'We continue to seek more opportunities, both on and off market, where we can secure assets that fit our model and work with local partners to add value for our client.'
Stainton has also been appointed asset manager to the new joint venture. Debt finance was provided by Deutsche Postbank.
The joint venture was advised by Pardoe Properties and CBRE. Royal London AM was advised by Allsops.
