Sheffield office building sold for £10m

Invista Foundation Property Trust Limited (IFPT) bought The Portergate, which is let to Aviva Life and Pensions for a further nine years without break at a rent of 1m.

The deal for the 50,343 sq ft building on the edge of the city centre reflects a net initial yield - the rent generated by a property expressed as a percentage of its valuation - of 9.62 per cent.

The building, which has 131 car parking spaces is situated in a mixed-use area which also provides retail, residential and office accommodation.

Duncan Owen, chief executive of Invista Real Estate said: "This acquisition is part of our strategy of acquiring properties with good fundamentals, which provide the Company with exposure to high quality tenants and above average income yields but are generally located in areas that have been largely overlooked by the market. This acquisition will enhance the quality of our net operating income and will consequently help further support IFPT's dividend."

"In tandem with these new acquisitions, we continue to make good progress with asset management initiatives across the portfolio and will provide more detail in the forthcoming year end report and accounts."