Quintain sells Cambridge office asset

140 Cambridge Science park sold to Mayfair Capital Trust for £6.35m

Article posted: 15 Sep 2011

Quintain, on behalf of its SeQuel Fund, has sold office space in Cambridge to Mayfair Capital Unit Trust. 140 Cambridge Science Park was offloaded for £6.35m, reflecting a net initial yield of 7.8%. The sale was undertaken at a premium to its March 2011 valuation.

The 25,000 sq ft two storey office building is currently let to Jagex Limited with a tenant break option in November 2014. It is part of the 1.5m sq ft Cambridge Science Park, which provides office accommodation for high tech and support service companies.

The sale was undertaken on behalf of SeQuel, Quintain’s secondary property fund. As at 31 March 2011, it had £83.7m of assets under management, delivering £9m of rental income.

Peter Doyle, Head of Investment at Quintain, said: “The completion of this sale above book value enables us to crystallise the value we created by regearing the lease. This will be recycled into new acquisition opportunities as well as targeted asset management activity.”

Drivers Jonas Deloitte acted for Quintain.

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Posted by Sara