Capital & Counties, a wholly-owned subsidiary of South African and UK-listed property group Liberty International, has exchanged contracts to acquire a substantial 7 acre Central London investment in the prime retail location of Covent Garden.

Capital & Counties already owns retail, office and residential property on Long Acre and Floral Street worth over £50 million. This purchase, for cash consideration of £421 million, will add to the group's ownership over 450,000 sq.ft. of substantially freehold, retail, restaurant, office, leisure and residential space.

"The investment, of a size and quality seldom available on the open market in London's West End, includes the iconic Covent Garden Market and surrounding Piazza as well as properties around the Market in King Street, Henrietta Street, Floral Street, James Street, Long Acre, Tavistock Street, Wellington Street and Maiden Lane.

"Current passing rents are approximately £17.2 million increasing, once lettings of currently vacant space have been concluded, to provide a running yield on cost of around 4.5%," Liberty International said on Monday.

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Publisher: I-Net Bridge
Source: I-Net Bridge