Our Knowledge Centre combines a unique set of useful tools to assist ALL office movers. Use our moving guides, office space calculator, dynamic rental map and other tools to get an idea of what type of office your company needs. We’ll make sure you get there.
Register for FREE now and get full access.
In an effort to raise capital and reduce the proportion of taxpayer ownership, Lloyds Bank has agreed two large deals to sell off high-street bank branches.
The first of the sale and leaseback deals completed last year and included 44 high-street branches, known as the Frankel Portfolio, which was sold to Aprirose for £39.5m; the second deal is comprised of a portfolio of 40 branches, which was sold to a private investor for £34m. Both deals reflect a yield of circa 5.8% and it is thought that Lloyds has agreed 15-year leases across both portfolios.
Both portfolios contain branches operating under Bank of Scotland, Halifax and Lloyds, and are situated in a number of locations across the UK including London, Bath, Plymouth and nine in Scotland. Lloyds has been trying to reduce outgoings and improve its balance sheet since the financial crash – last year it announced its plans to close up to 200 branches, essentially reducing its presence by 30% but saving £400m a year.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.