Agreement reflected a net initial yield of 7.6%

LaSalle Investment Management (“LaSalle”) today announces that it has completed the acquisition of long leasehold interest of a retail block in Coventry City Centre. LaSalle paid approximately £11.9 million for the leasehold interest reflecting a net initial yield of 7.6%.

The buildings, situated in a prime location in Coventry City Centre, are located on 41-47 The Precinct and 5-15 Market Way. The block is let to both BHS Limited for a further 20 years and to Carphone Warehouse for five and a half years.

Stuart Richmond-Watson, Regional Director at LaSalle said, “We are delighted to acquire the long leasehold interest of a prime building in Coventry City Centre. The deal is testament to our expertise in sourcing high quality real estate for our institutional clients and the tenants.”

LaSalle were represented by Kitchen La Frenais Morgan and the vendors Canadian & Portland who are represented by John Miles & Company.