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Singaporean investor to buy £280M UK office portfolio

Singapore-based Elite Partners Capital is set to buy a £280 million portfolio of U.K. government-leased offices from Telereal Trillium, marking its entry into the U.K., Property Week reported.

The £280 million asking price represents a net initial yield of 7.81% and a capital value of £109 per square foot.

Elite Partners has the 2.6 million-square-foot Hayhill Portfolio, which comprises 98 regional offices let to the Department for Work and Pensions, under offer. The assets, mostly in town centers, are leased for 10 years, commencing April 1. They have a combined annual rent of about £23.4 million, the news outlet added.

Both Elite Partners and Telereal declined to comment, according to the report.