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LONDON-Sackville Properties, the property vehicle for publishing magnate John Madejski, founder of the Auto Trader empire, has bought a £130 million ($200 million) mixed-use UK portfolio from a private overseas investor. The initial yield is in the region of 7.5%. The deal has been backed with a non-recourse finance package from Lloyds TSB Bank.

The portfolio consistsof 18 properties–mainly offices-across the UK. It includes the 135,000-sf Chesser House in Edinburgh where the tenant is Edinburgh City Council; the 110,000-sf Telephone House in Sheffield let to BT; and T-Mobile’s 62,000-sf new call centre in Merthyr Tydfil, South Wales.

.Madejski said: “The successes of our first 18-months added to the acquisition of this excellent portfolio, which has strong covenants and some trophy buildings, places Sackville in an extremely robust position to face these uncertain times. We are actively seeking new development opportunities to broaden our interests even further”.

Bushe Gower Associates advised Sackville Properties.

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