Property investment firm Telereal is selling 55 UK properties worth around £475 million.
The company is believed to be the testing the market’s appetite for large portfolios with the sale of these assets. Telereal has appointed CBRE to sell the office properties, which are principally let to RBS. Significant prooperties included in the portfolio are the London offices of Coutts on The Strand, Drummonds HQ on Trafalgar Square and Child & Co HQ on Fleet Street. The properties will remain let to RBS until 2037.
The sale is the majority of the 63 buildings acquired by Telereal in a 2008 £800 million sale-and-leaseback deal. More than 45% of the portfolio’s income is generated from the London properties.
The firm reported initially receiving inquiries for single asset acquirements but have recently started getting enquiries for larger portfolios. They believe now is the ideal time to sell.
Yesterday King Sturge predicted 2010 would be the best year for returns for property investors for four years but warned prices could dip again in 2012.