23 February 2010

Anglesea Capital, advised by Cortex Partners, has sold the feuhold B&Q investment on Kings Cross Road, Dundee to Cordea Savills’ European Commercial Fund for £18,970,000. The deal reflects a net initial yield of 6.5%.

Located opposite the Kingsway West Retail Park, the 9,476 sq m (102,000 sq ft) unit occupies a site of 3.38 hectares (8.36 acres), with DIY consent, let to B&Q until August 2024 at a rent of £1,310,000 per annum (£138.10 per sq m/£12.83 per sq ft).

Cordea Savills was unrepresented.

Cortex Partners also recently advised on the acquisition Matalan in Northwich, Cheshire for Aviva. The £7.65m purchase reflected an NI yield of 6.37%. And in London, Cortex Partners acquired the Covent Garden Portfolio for L & G for £119.5m.

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