Regional REIT Has Sold Genesis Business Park for £21.55 Million
Nuveen has bought Genesis Business Park in Woking, Surrey from Regional REIT for £21.55 million, an 8.45% yield.
Nuveen has bought the park with XLB Property acting as asset and development manager.
The multilet business park has eight buildings on around 98,000 square feet on a five-acre freehold site on Albert Drive, a mile outside the town centre.
It is let to nine tenants including McCarthy & Stone, Walk the Walk, Wood and Virgin Media and has a weighted average unexpired lease term of 5.7 years.
The park came to market quoting £19.36 million or a 9% net initial yield.
DTRE advised Regional REIT while Nuveen was advised by TT&G.