Topland looks to recycle capital after £200m of sales

Author: | Date: 21 Apr 2015

Topland completed £200m of sales in 2014 and is now looking to reinvest the proceeds into the market.

Sol Zakay’s property company sold a health club in Liverpool, offices in Finchley, Stoke, Salford, Glasgow and two distribution units in Foston and Trafford Park during the year as well as Hend House on Shaftesbury Avenue, W1, for £21m. It is also in the process of selling a New Look store in the Midlands.

The company has used the proceeds to reduce its leverage to 40% and is now beginning to buy again.

It has exchanged contracts to purchase Heron House at 8-10 Christchurch Road in Bournemouth from a private investor which is let for more than 60 years to NatWest Bank.

It has also completed on the purchase of office building 4 Redheughs Rigg, South Gyle, Edinburgh in an off-market transaction for around £6.1m, reflecting a net initial yield of 9%. It is let to Regus until 2027. Eriera Mendoza and AJS Property acted for Topland on the acquisition.

Topland managing director Mark Kingston said: “In a market where value is hard to find these two acquisitions demonstrate our opportunistic appetite to acquire real estate assets where we see real value on a relative basis. Both transactions were undertaken quickly and off market. We are very keen to add further to our portfolio across all asset classes.”