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May 2014 news archive

LETTING TO HSBC LEAVES JUST ONE SUITE AT IM PROPERTIES’  ONE LONDON SQUARE, GUILDFORD


Global banking and financial services provider, HSBC has taken 5,348 sq ft of accommodation at IM Properties’ refurbished One London Square in Guildford, leaving just 7,054 sq ft available.

The space, which will be used by HSBC to relocate its current office from elsewhere in Guildford, has been taken on a 10 year lease. Rents for One London Square are quoted at £25.50 per sq ft.

One London Square is within close proximity to the town’s amenities and London Road railway station, which provides regular services to London Waterloo, with the M25 motorway easily accessed via the nearby A3.

IM Properties undertook a comprehensive refurbishment of One London Square in 2012, transforming the four storey property into one of Guildford’s most desirable office locations, with over 52,720 sq ft of Grade A office space.

Rob Hemus, Asset Manager at IM Properties, said: “We have been exceedingly pleased with the level of interest that we have seen in One London Square.  The site’s accessibility and high quality refurbishment have created a perfect combination that appeals to a broad range of commercial occupiers.

“The completion of this excellent letting leaves just one suite remaining and adds to an already impressive tenant line up.  We have already seen some interest from potential occupiers, underpinning One London Square in particular and Guildford in general as a desirable and attractive commercial office location.”

The letting to HSBC leaves just one suite of approximately 7,054 sq ft remaining available in the building following a momentous 12 months that has seen companies including top 50 City legal practice Charles Russell LLP and Merligen Investments Ltd take space, joining accountancy and business advisory firm Baker Tilly.

For more details on One London Square contact Derek Corden at Kingstons on 01483 572999 or Charlie West at Jones Lang LaSalle on 020 7493 4933.

IM PROPERTIES SECURES SALE OF GERMAN LOGISTICS PORTFOLIO TO VALAD EUROPE ACTING ON BEHALF OF VEDF



IM Properties has concluded the disposal of four logistics assets in Germany to Valad Europe, the leading independent diversified real estate invester manager, for €26.1million (£21.4 million). The purchase was made on behalf of its Valad European Diversified Fund (VEDF).

The 35,582 sq m portfolio comprises four properties, with a weighted average lease expiry of more than seven years, all of which are let to the logistics group Trans-o-Flex Schnell-Lieferdienst GmbH, a subsidiary of Austrian Post AG.

The portfolio includes the 16,919 sq m Grubenstrasse 12 in Hurth, near Cologne; the 8,060 sq m Am Donaubogen 2 in Neumunster; the 6,510 sq m Rudolf-Diesel-Strasse in Kassel; and the 4,417 sq m Zaunheimer Strasse 9 in Koblenz. The assets are designed and utilised as cross-docking facilities for logistics and parcel services.

Warwickshire-based IM Properties acquired the portfolio several years ago as part of its European acquisition strategy and successfully regeared the majority of the leases.

The completion of this sale follows IM Properties’ recent €44million sale of a 99,500 sq m logistics facility let to BMW located near Munich.

Simon Reed, Director of European Investments at IM Properties said: “This transaction was the culmination of a longer term strategy to maximise the value of the original assets by working closely with the tenant and aligning ourselves with their occupational requirements.”

IM properties was advised on the transaction by CBRE Hamburg.