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Fispam Sells Four Regional Office Investments

LONDON-Friends Ivory & Sime Property Asset Management has disposed of 74,533 sf of regional office space in Manchester, Staines, Glasgow and Edinburgh in four separate deals.

By Graham Parker | Updated on May 16, 2002

LONDON-Friends Ivory & Sime Property Asset Management has raised £12 million ($17.5 million) through the sale of four office properties in Manchester, Staines, Glasgow and Edinburgh.

In Manchester, it has sold the 35,400-sf 7-11 St James’s Square to one of its tenants, the stockbroker WH Ireland, for £5 million ($7.25 million) representing a yield of 6.8%. Lambert Smith Hampton represented WH Ireland .

In Staines, to the south-west of London, FISPAM sold 62 London Road to a private investor advised by Rogers Chapman in an off market deal for £3.925 million . The 13,413-sf office building is let with 10 years unexpired to Holiday Inns with the Six Continents Group plc acting as guarantor. The entire building is sublet to RJ Reynolds.

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