ING Lionbrook Property Fund has purchased an IBM data centre and disaster recovery facility in Greenford, West London for £18.5m from Highcross
The deal for the 122,636 sq ft (11,393 sq m) building reflects a yield of 5.84%. It is let to IBM for 15 years from November 2005. IBM has a break option in 2015 or could extend the lease to 2025.
IBM uses the facility as a data centre for computer and communications equipment for large corporate clients. The remainder of the property provides disaster recovery desk space.
The property formed part of a £140m sale-and-leaseback portfolio bought by Highcross in November 2005.
Highcross managing director Peter Gubb said: 'We acquired these properties last year and having added value through intensive management, these sales form part of our ongoing strategy for our portfolio.’
The purchase also includes over 24 acres of land.
Nelson Bakewell advised ING. De Morgan & Co advised Highcross.