Firm News
Mishcon de Reya Advises on UBS Purchase
| Release Date: |
09 August 2005 |
Mishcon de Reya advised UBS Global Asset Management (UK) Limited on its purchase of the freehold interest in the Woolworths Distribution Centre at the Dorcan Industrial Estate, Swindon for £27 million. The property was sold by F&C Property Asset Management. The deal reflected a net initial yield of 7 per cent.
The 607,000 sq ft (56,392 sq m) distribution warehouse is let to Woolworths plc at a rent of £2 million per annum. Woolworths has just over 10 years remaining on the current lease.
The Mishcon de Reya team led by partners Ian Paul and Yvonne Baker advised UBS Global Asset Management (UK) Limited, who bought the property on behalf of its UBS Triton Property Fund. Roger Thornton and Garry King of Maples Teesdale acted for F&C Property Asset Management, on behalf of Phoenix and London Assurance Limited.
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