BMO Real Estate Investments Ltd - UK commercial property investor - Buys two freehold properties that were off-market for a total of GBP19.4 million, at an accretive combined yield, it says. The first property, an industrial asset in Colnbrook, Heathrow, was acquired in September for GBP12.1 million with a net initial yield of 4.0%. The asset is fully let to a vehicle servicing centre for a further three years. The second property, also acquired in September, comprises a retail warehousing scheme in Banbury, Oxfordshire, occupied by home-improvement tenants Wickes Group PLC and Topps Tiles PLC for a further 4.2 years. The property was acquired for GBP7.3 million, reflecting a net initial yield of 6.3%.
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By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Topps Tiles (TPT)
Wickes Group P. (WIX)