The developer has acquired the asset (pictured) on the edge of Heathrow Airport at a net initial yield of 5.5% from Arora Group.

The 15-acre site, which is let to the airport on a lease expiring in June 2023, comprises a 10.5-acre office site and a 4.5-acre car park on Nelson Road on the northern side of Heathrow Airport near the M25.

Robin Woodbridge, head of capital deployment and leasing for Prologis in the UK, said: “While we have no immediate plans to develop the property or land and the office building, there may be scope to redevelop it for logistics use at some point in the future.”

Arora Group director Sanjay Arora  said: “The Compass Centre has been a strategic asset in the portfolio for many years. But with the change in the business environment post Covid, we are pleased to have sold the asset to Prologis, releasing funds to facilitate new projects.”

Colliers advised Arora Group. Prologis was advised by agents at Lee Baron and Ereira Mendoza.

The Compass Centre was developed in 1992 and bought by property entrepreneur and hotelier Surinder Arora in 2008 as part of a £309m portfolio deal from the Airport Property Partnership in one of the biggest investment transactions that year, as tipped by Property Week at the time.

The post Prologis lands office centre at Heathrow appeared first on Ereira Mendoza.

London-based Greenridge Investment Management sold the 148,796 sq ft office property less than three years after acquiring it from Highland Properties.

Edinburgh-based investment firm 9 West sourced the financing for the off-market deal.

Gyle Square is leased to NHS National Services Scotland, which provides shared services to the NHS and other public bodies across Scotland. It has fully occupied the property since it was constructed in 2003, under a lease until June 2029.

Robbie Moir, 9 West founder, said: “This is a major overseas investment in Edinburgh, which reflects very positively on the level of global interest in the commercial property sector in Scotland. This sends out a strong signal that Scotland is on the radar of Asian investors if the right kind of property is available.”

Hyundai Asset Management rolled out its first public real estate fund and raised money from individual investors in South Korea to support the acquisition of Gyle Square. The fund has a term of three and a half years and will be listed on the Korea Stock Exchange.

Hyundai Asset Management borrowed £35.9m, 65% of the Gyle Square acquisition price, in a three- year secured loan. The deal closed on Friday 5 April.

The purchasers were represented by Ereira Mendoza, 9 West and Dentons. The vendors were represented by Trowers and Brodies.

The post Hyundai buys £55.2m Edinburgh office appeared first on Ereira Mendoza.

The post Daniel Mendoza – Retirement living could be the next student accommodation appeared first on Ereira Mendoza.