Posted by Andrew Cowell

Posted 17 February, 2017 OBI NEWS

Redfine International has sold 201 Deansgate to Aviva Investors acting on behalf of Essex County Council. The property provides 83,688 sqft of offices and delivers and delivers annual net rental income of £1.1 million with a WAULT of 4.1 years. The sale represents a net initial yield of 3.6%.

 Mike Watters, CEO of Redefine International said “The disposal of 201 Deansgate represents yet another significant value enhancing that the AUK Portfolio offers the company. After less than a year of ownership, we have delivered an excellent 14.3% premium to book value on the property. The proceeds from the disposal will be put towards reducing debt on favourable terms.”

Andrew Cowell, OBI’s Transaction and Management team added “We were delighted to work with Aviva on the acquisition of 201 Deansgate and we are looking forward to work closely with them to position this asset to capitalise on the strong occupier demand that currently exists from occupiers seeking large floor plates in prime locations”.