WHR completes £37.5m property deal
MANCHESTER-based WHR Property Consultants has acquired a £37.5m portfolio from a client of LaSalle Investment Management on behalf of Regional REIT, the recently listed commercial property company managed by London & Scottish Investments.
The off market transaction, funded by the company’s existing resources, reflects a net initial yield of 8.25%.
The portfolio comprises four multi let office buildings in Basingstoke, Leeds, Leicester and Manchester and an industrial park in Beverley totalling 703,00sq ft with about 60 tenants.
The building in Manchester is Oakland House in Old Trafford – a 164,000 sq ft office building, which is home to a number of tenants including HSS, Secretary of State and Police & Crime Commissioner.
WHR partner Mark Williams said: “This was a great deal for us to end what has been a record year for WHR.
“We have completed a record number of investment transactions including 12 in Manchester city centre – making us one of the most active independent consultancies outside of London.
“This is testament to our strong relationships with our clients and highlights our depth of regional knowledge showing excellent growth on 2015.”
Gareth Buckley, also apartner at WHR, added: “It has been more than a decade since we founded WHR and over that the last 3 years we have experienced exceptional growth in our business.
“2015 was a particularly exciting and busy year for all our departments and as part of commitments to provide a full range of services for our clients saw, we established a dedicated property and asset management team, which already manages four city centre buildings.”
