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Equitable Life Sells Four Office Investments To Estates & General

LONDON-Estates & General has snapped up a portfolio of four office buildings in Bracknell, Berkshire; Guildford, Surrey and Coventry, Warwickshire put on the market by troubled financial services group Equitable Life.

By Graham Parker | Updated on January 28, 2002

LONDON-Property company Estates & General has agreed to pay Equitable Life £64.8 million ($91 million ) for a portfolio of four office properties across the UK. The buildings are in Bracknell, Berkshire; Guildford, Surrey and Coventry, Warwickshire and produce a current annual rental income of £5.01 million ($7 million) to show an initial yield of 7.6%.

The acquisition will increase Estates & General’s asset base by 62.3% and will be financed through existing and new debt facilities.

Two of the properties are in Bracknell, Berkshire: the 59,562-sf Avis House, let to car rental company Avis Europe on a lease expiring in 2015, at an annual rent of £1.53 million and the 50,954-sf Millennium House, let to the US pharmaceuticals research company Quintiles on a lease that expires in 2012 at £1.08 million ($1.5 million) per annum.

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