Gatehouse gains funding for West Midlands deal

Deutsche Postbank is financing the acquisition by sharia-compliant Gatehouse Bank of a West Midlands office block let to BT.

Invista Foundation Property Trust, now managed by Schroders, sold the newly-completed, 75,000 sq ft building on the edge of West Bromwich for £19.5m, at a 5.8% initial yield. The lease runs for another 14 years; IFPT committed to buy the property in 2010 at a price reflecting a 7.7% yield.

Terrace Hill has forward-funded a £35m supermarket prelet to Sainsburys in Sunderland via equity from private investor fund Osprey Supermarket Income and Growth 1 and £20m of debt from HSBC.

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