DTZ buys Cobalt portfolio
Published: 26 May, 2010
DTZ Investment Management has purchased the mixed-use Cobalt portfolio from Wellcome Trust for £93.5m. The price reflects a net yield of 6.1 per cent.
The mixed-use portfolio comprises three high street shops in Birmingham, Leeds and Nottingham, three retail parks in Bangor, Stamford and Milton Keynes, a West End office, a distribution warehouse in Oxford and an office building in Theale. These have a total floor space of about 350,000 sq ft.
The Cobalt portfolio has a net annual rental income of £5.9m and is secured on strong covenants including Barclays, Orange, Halfords, Lidl, DSG, NatWest and Royal Mail. Over 50 per cent of the income is secured on leases in excess of 10 years.
DTZ advised DTZ IM on the purchase, Cushman & Wakefield acted for Wellcome Trust.
