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Meadow Partners in £88m London sales hat trick

By James Buckley - Friday, June 08, 2018 15:00

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Meadow Partners has sold a trio of assets in Greater London totalling more than £88m, CoStar News can reveal.

A new datacentre, at Archway and Bonnington House, Glengall Bridge, E14 (pictured) is believed to have sold to a UK institution for £55.9m, reflecting a 4.2% yield.

The property was pre-let to Digital London Limited on 30-year institutional lease with fixed increases throughout the term.

Secondly, East London Leisure Park in Dagenham, comprising 180,000 sq ft let to leisure operators including VUE, Mecca Bingo, McDonalds and Hollywood Bowl, has sold to AEW UK Investment Management for £23.1m.

Finally, a new 82 bed hotel at London East Leisure Park, let on a 25-year lease to Travelodge, subject to index-linked uplifts, has sold to KFIM Long Income PUT for £9.45m, reflecting a 4.75% NIY.

Andrew McDaniel, Partner said: ‘‘These recent sales, which have produced outsized returns to our investors, are a result of successful completion of pro-active, value-add business plans. Whilst we have exited from these positions, we are also currently investing Meadow Real Estate Fund IV and Meadow London Core-Plus Fund and have a healthy pipeline of opportunities with a particular focus on the BTR sector in Greater London and long-term value add opportunities in Central London.’’

Meadow was advised by Tydus Real Estate, Heywood & Partners and Savills, respectively.

The purchasers were advised by Tudor Toone, Savills and ADS Real Estate Advisors, respectively.

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