IM Properties announces £119m in south-east acquisitions

IM Properties, the Midlands-based investor, has announced £119.6m of south-east office and retail acquisitions completed this month.

The firm has acquired a 118,000 sq ft (10,962 sq m) office building in Guildford from Green Property for £38.75m, which is let to corporate communications specialist Araya UK at £28/sq ft (£301/sq m). The deal reflects a net initial yield of 8.25%.

Two let office buildings in Crawley totalling 47,000 sq ft (4,366 sq m) have also been bought for £10.85m, reflecting a net initial yield of 8.5%.

Finally, IM has paid West Bay Estates £70m for Wolsey Place shopping centre in Woking, which provides 230,000 sq ft (21,370 sq m) of retail space, with tenants including Sainsbury's, Boots and Dixons, as well as 108,000 sq ft (9,100 sq m)of office space, which is let to Telewest and Surrey County Council.

In Guildford, CBGA acted for IM Properties with Joiner Cummings representing Green Property.

Source: Property Week