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LONDON-Listed property company Estates & General has raised £17.37 million ($31 million) with the sale of Sapphire Court, the 77,656-sf UK headquarters of German pharmaceuticals giant AAH at Walsgrave, Coventry, Warwickshire.

The sale follows the regearing of AAH’s lease. The company, which owns the Lloydspharmacy retail chain, recently agreed a rent review to £1.185 million ($2.1 million) per annum reflecting £15.25 ($27) per sf. At the same time the landlord agreed to build an additional 14,000 sf of space while AAH agreed to defer its option to break the lease from 2017 to 2020.

Roger Dossett, Managing Director of Estates & General said: “Coventry is a property where our philosophy of active management has paid dividends. Over the last year we have achieved a significant increase in the value of the property by talking to the tenant and ascertaining their needs. The result was the agreement to extend the building, agree the rent review and increase the term certain of the occupational lease.

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