Sony will remain the major tenant of the portfolio, leasing back 65% of the property from MGPA. The properties have been acquired on behalf of MGPA's European property fund, MGP Europe Fund II.
"The aim is to make the best use of our facilities in Europe," says Sony Europe operations SVP Derry Newman, adding that the firm, "has achieved significant improvements in its European supply chain, logistics and service operations and no longer needs the total capacity of the buildings currently in its portfolio. As a direct result of our business-improvement projects, we identified the sites where we had low occupancy and proposed sale-leaseback options. This deal will allow us to retain our strong representation in the local markets while using the optimum space within each building, allowing the balance to be marketed commercially."
"This is an excellent first investment for the fund," says MGPA managing director Alex Jeffrey, "providing a solid foothold in the European market and exposure to the office, industrial and distribution sectors in markets we believe have good potential and are well positioned to improve throughout the life of this investment." Cushman & Wakefield and Lovells advised Sony in the deal.
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