Wed, 06 Jul 2011 | BUSINESS SALE
Property investor British Land is considering making a £175 million acquisition of a portfolio of properties.
According to the Financial Times, the investment and development giant is in 'advanced talks' to purchase a portfolio of properties, which are currently occupied by Virgin Active sports clubs.
The properties have been owned by Société Générale since 2009, when it acquired them from property tycoon Simon Halabi's family trust. Seventeen long leaseholds and freeholds for the sports facilities are contained within the portfolio, in locations such as Cardiff, Oxfordshire and Brighton.
Société Générale sold the operating business to Virgin Active in April 2011 for £77 million, but kept hold of the properties.
JPMorgan reported that British Land - which is the second largest property firm by asset value in the UK – was on an 'acquisition spree.' “While we haven’t discovered a clear focus in British Land’s purchases yet, we see the acquisitions as opportunistic and value-added so far,” JPMorgan said.
The acquisition of the portfolio has been tipped to offer a yield of around 7.5 per cent. Virgin has the properties on 25-year leases, paying a rent of £13.1 million annually.
The company is an independent environmental consultancy that addresses groundwater and surface water management for clients within the UK.
Maintaining a fully stocked warehouse, the company provides a wide range of oak stair parts, mouldings, joinery parts, doors and flooring.Products can be designed and manufactured in-house to bespoke client requirements.
The company is a reputable provider of temporary and permanent office staff, serving West London and the surrounding regions, with placements ranging from entry roles to managing directors.
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