UK - UBS Global Asset Management's Triton Property Fund has bought a pre-let office and warehouse distribution development at Ashton-Under Lyne, near Manchester, for £23.8m.
The purchase price reflects a net initial yield of approximately 6.75%.The 17.3 acre site, which has been bought from Stayley Developments and Amec Developments, has been pre-let to Office Depot International (UK) on a 20-year lease without breaks and with five-yearly upwards-only rent reviews.
The rental income, on completion of the development in March 2005, will be £1.64m per annum.
Ayles Heath Buchanan Neve acted for UBS while King Sturge represented Amec.
Triton has ranked in the upper quartile of Russell Mellon/CAPS Pooled Pension Fund survey every annual period from one to nine years ending March 2004, with the exception of two years, when its performance was second quartile.
Professional Pensions is looking to update its list of pensions master trusts in the UK ahead of authorisation. Can you help?
RPMI Railpen is in the next step in the journey towards achieving cost disclosure. Victoria Bell tells Stephanie Baxter about taking part in the Cost Transparency Initiative's pilot phase
Interserve's numerous defined benefit (DB) schemes have retained a sponsor link after the company entered into administration and was sold.
Chris Hannon has been named chairman of the Railways Pensions Trustee Company after a unanimous vote of approval from its board last week.