In order to retain capital allowances Securicor has granted Rotch a long leasehold interest in the buildings, and in return has taken three separate 25-year sub-leases at a combined rent of £850,000 ($1.33 million) per annum. The purchase reflects a net initial yield of 6.99%.
Securicor was advised by Mason Philips. Partner Findlay MacAlpine said: "This is another example of a blue chip occupier maximising the strength of its own covenant and releasing capital from its property portfolio."
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