Invista seals property investment deal

Wednesday, February 24, 2010

Invista has signed a business space leasing deal to invest in a West Bromwich office to be used by BT.

By Ashley Brunskill

An office in West Bromwich has been acquired by Invista Foundation Property Trust in a multi-million pound business space leasing deal.

Telecommunications firm BT will take up tenancy in the office block for the next 15 years, following the signing of the contract, at an initial rent of £1.2 million per year.

Fixed uplifts of three per cent a year will also be applied after a first yield of 7.6 per cent and is subject to a set of conditions which will be monitored over the next three months, according to Propertyweek.com.

Duncan Owen, chief executive of Invista Real Estate Investment Management, explained the move: "We have been targeting assets away from currently fashionable areas that we regard as being too competitively bid to acquire at fair value and this purchase demonstrates that."

A new landmark plaza in Southampton, Watermark WestQuay, recently moved closer to development after the council signed a property investment deal with contractors, the Southern Daily Echo reported.

Source: ask-re The Property People LLP