Malaysia's Tabung Haji eyes Unilever campus sale

By Paul Norman - Thursday, October 19, 2017 10:05

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Lembaga Tabung Haji has appointed Knight Frank to sell Unilever’s UK and Ireland headquarters in Leatherhead in Surrey guiding £74m or a 6% yield.

The property was purpose-built for Unilever in 2008 and comprises 176,654 sq ft over ground and two upper floors

The property is let to Unilever UK on a fully repairing and insuring lease expiring 18 November 2023, providing approximately 6.2 years term certain.

The passing rent is £4,763,502 per annum, equating to £26.97 per sq ft overall the sale includes the potential to buy the asset through a corporate vehicle.

CoStar News revealed in October 2012 that LondonMetric Property was in talks on the corporate disposal of Unilever House, Leatherhead to Lembaga Tabung Haji, advised by Gatehouse Bank.

LTH is a Malaysian Islamic institution.

LondonMetric bought the campus in June 2012 for £61.15m, reflecting a net initial yield of 6.85%.

Knight Frank is advising Lembaga Tabung Haji.

All parties declined to comment.

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