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Sun Life Completes 100,000-sf Leicester Sale-And-Leaseback Deal

LONDON-Sun Life Pension Management Limited has bought the long lease of Emerson Process Management's massive office and production facilities on Meridian Business Park, Leicester. Sun Life achieved a yield of 9.75%

By Charlie Jacoby | Updated on January 20, 2002

LONDON-Sun Life Pension Management Limited has acquired the production facility and associated offices occupied by Emerson Process Management on Meridian Business Park. The long leasehold premises, sold by Emerson Process Management’s US parent company, was leased back for a term of eight years with a break option in the fifth year.

Dating from the mid 1980s, the property comprises three inter-linked buildings with a total floor area in excess of 100,000 sf. There are two two-storey office buildings and a large warehouse that is fitted out as a hi-tech production plant.

The rent of around £625,000 ($906,250) a year is subject to review after five years.

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