A MAJOR property deal has been concluded in West Yorkshire.
Gatehouse Bank has acquired One Sovereign Street, the home of BT’s regional headquarters in Leeds, for £40.175m.
Property adviser DTZ acted for Gatehouse Bank on the acquisition of One Sovereign Street from UK fund manager La Salle on behalf of Royal Mail Pension Fund, which was advised by Stephenson Day.
The office space, totalling more than 139,000sq ft, is let on a single lease to BT until September, 2020. The deal is one of the region’s largest transactions of 2010.
Gatehouse is a fully Shariah-compliant investment bank based in the City of London and provides investment opportunities to its target investor base.
One Sovereign Street represents Gatehouse’s third real estate acquisition in the UK following the acquisition of the headquarters building of Proctor & Gamble in Weybridge, Surrey, and a portfolio of student accommodation units in Liverpool and Loughborough.