Pomona Centre Sheffield sold for £31.5 million

US REIT, American Realty Capital Global Trust, has bought the 131,000 sq ft Pomona Business Centre, formerly Norwich Union House, in Sheffield for £31.5m. Hanover Green acted for Hudson Advisors on the sale.

The property is one of three owned by the estate of deceased Irish property tycoon Patrick Rocca. The properties fell into special servicing at last October’s interest payment date, after non-payment (IPD) at maturity, and transferred into special servicing under Hudson Advisors.

Pomona Business Centre comprises 131,614 sq ft and is 100% leased to Aviva Life & Pensions UK Limited with over 15 years remaining on the term to June 2029. The current rent is £2,740,884 pa reflecting and overall rate of £20.82 psf. The sale reflected a net yield of 8.22%.

On March 7, 2014, American Realty Capital, through an indirect wholly owned subsidiary of its operating partnership, entered into a loan agreement with the Royal Bank of Scotland International for $26.2m secured by the Aviva Property. The Aviva Loan provides for quarterly interest payments with all principal outstanding being due on the maturity date in March 2019. The Aviva Loan bears interest at a stated rate of 3.8%, fixed by an interest rate swap entered into with JPMorgan Chase Bank.

Project Titan comprises three offices that have loans held against them as part of the Titan-Europe 2007-3 CMBS issued in 2007 and arranged by Credit Suisse.

Last month a private Middle Eastern client of Hanover Green completed the acquisition of one of the other buildings – Quadrant House in Sutton, the headquarters of Estates Gazette and New Scientist publisher Reed Business Information, for £45.3m.

Hanover Green advised the buyer.

Hudson separately appointed Hanover Green to sell the Pomona Business Centre, formerly Norwich Union House, at 6 Pear Street in Sheffield.

Hudson are also selling Visa’s 56,215 sq ft home at Kennet Wharf at 41-45 Queens Road in Reading for circa £17 million.

 

 

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