APAM has completed the sale of 800 The Boulevard, Capability Green, Luton

APAM has completed the sale of 800 The Boulevard, Capability Green, Luton to Tritax Property Income Fund for £15,000,000 which equates to 6.07% net initial yield.
APAM originally acquired this Grade A headquarters office building as part of Project Titan on behalf of Varde Partners with 3.5 years unexpired. A new 10-year reversionary lease was agreed to create 13.5 years term certain at the point of sale and in doing so, significantly enhancing value.
Simon Cooke of APAM commented that, “APAM has been working closely with the tenant since the property was acquired which resulted in Impellam making a further long term commitment to the building. A decision to sell was made to take advantage of the demand for long dated income in high quality office buildings irrespective of the uncertainty created by Brexit.”
Tim Legge of Tritax commented that, “This Grade A South East headquarters office is a strong addition to the Fund’s initial portfolio of 7 assets and further demonstrates our team’s ability to source good-quality stock.”
JLL advised APAM while Tritax were represented by DTRE.

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