Fiera RE sells Speke offices for more than £38m

Corum XL is the new owner of Skyways House in a deal that reflects a net initial yield of 6.5%.

Fiera Real Estate said that the sale to the Corum Asset Management fund was for an undisclosed price, but that it was more than £38m. The original asking price for Skyways House when the company put it on the market was £38.88m.

Skyways House boasts 194,384 sq ft across three units. It is let for the net 14 years to Shop Direct Home Shopping. The building is also the headquarters for pureplay online retailer Very Group and its 1,700 staff. Skyways House amenities include a restaurant and café. Fiera RE said that fixed rental uplifts at 2.5% a year compounded every five years have led to a consistently improving income receipt.

The sale of Skyways House is the first asset sale for Fiera RE on behalf of its KFHC investor clients, which Fiera RE describes as providing clients with a strong and progressive income.

“We are delighted to have completed on the sale of this high performing asset which aligns well with the investment parameters of KFH Fund 1,” said Fiera RE head of core REIM Rupert Sheldon. “We are acquisitive across our core mandates with capital available to deploy into properties that share similar characteristics.”

CBRE acted on behalf of Fiera RE on the deal, while Cushman & Wakefield acted for Corum XL.

Robert Woods of CBRE said he was “delighted to have acquired and now sold this trophy building on behalf of Fiera RE”.

Cushman & Wakefield’s Craig Barton said: “Skyways is a fantastic asset and we are delighted to help our client conclude the acquisition.”

Skyways is located off Speke Road, across from the New Mersey Shopping Park.