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.