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LONDON-Frogmore has paid Legal & General £28.455 million ($47 million) for the 156,186-sf Campus office complex on Maylands Avenue in Hemel Hempstead, Hertfordshire. The sale price reflects a net initial yield of 8.34%.

The Campus consists of five office buildings, let on six separate leases to four tenants including Dixons; Epson and Xansa. Just under half of the income derives from leases with more than 11 years to run, while the remainder provides active management opportunities with tenant break options.

Frogmore Director Paul White said: “We are delighted to have purchased this prime office investment, an acquisition which was completed within 15 working days. This purchase forms part of our continuing investment strategy following our MBO nearly three years ago.”

Legal & General was advised by Strutt & Parker. Martin Perry Associates advised the purchaser

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