THE investment management arm of real estate advisors DTZ has spent nearly £70m on two property deals which include a brace of sites in the West Midlands.
DTZ Investment Management has bought St John’s Retail Park, in Wolverhampton, and Swallowgate Business Park, in Coventry.
The former was acquired from Aberdeen Asset Management for £40.65m, reflecting a net initial yield of 5.75%.
The retail park is south of the city centre and counts Currys, Comet, Next, Homebase and PC World among its tenants.
Glasgow-based CWM advised DTZ IM while London practice Harvey Spack Field advised the vendor.
In a separate deal, DTZ IM has bought Swallowgate Business Park, in north Coventry, as part of a £28.55m acquisition of Liverpool Victoria Asset Management’s 4×4 portfolio.
Swallowgate is 80,000 sq ft across eight units and was developed by Coventry-based Deeley Properties in the early 2000s.
It is on the site where Sir William Lyons started manufacturing Jaguar cars before moving to Brown’s Lane and tenants include incontinence products firm Abena and Savill Audio Visual.
DTZ advised the buyer while London-based chartered surveyors Griffiths Eccles acted for Liverpool Victoria.
The other sites in the deal are Warrington’s Gemini Business Park, Five Arches Business Estate, in Sidcup, and five units on Mitcham Industrial Estate, south London.
The four estates have an average unexpired term to break or expiry of over six years and the purchase price reflects a net initial yield of 7.58%.
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