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Estates & General Sells Coventry Office Complex

LONDON-Estates & General has sold Sapphire Court, the UK headquarters of German pharmaceuticals giant AAH at Walsgrave, Coventry, Warwickshire for pounds 17.37 million ($31 million).

By Graham Parker | Updated on December 29, 2003

LONDON-Listed property company Estates & General has raised £17.37 million ($31 million) with the sale of Sapphire Court, the 77,656-sf UK headquarters of German pharmaceuticals giant AAH at Walsgrave, Coventry, Warwickshire.

The sale follows the regearing of AAH’s lease. The company, which owns the Lloydspharmacy retail chain, recently agreed a rent review to £1.185 million ($2.1 million) per annum reflecting £15.25 ($27) per sf. At the same time the landlord agreed to build an additional 14,000 sf of space while AAH agreed to defer its option to break the lease from 2017 to 2020.

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