1. 05/07/2016 CoStar UK ­ The Leader in Commercial Property Information
http://www.costar.co.uk/en/assets/news/2016/June/APAM­sells­on­Project­Titan­Luton­offices­to­Tritax/# 1/2
APAM sells on Project Titan Luton offices to Tritax
By Paul Norman ­ Thursday, June 30, 2016 15:00
APAM has completed the sale of 800 The Boulevard, Capability Green, Luton to Tritax Property
Income Fund for £15m which equates to 6.07% net initial yield.
APAM
originally
bought the
Grade A
headquarters
office building
as part of
Project Titan
with 3.5 years
unexpired.
It
subsequently
negotiated a
10 year
reversionary
lease to
create 13.5
years term
certain at the point of sale and in doing so, improve the asset value.
Adam Hyman of APAM said: “APAM has been working closely with the tenant since the property was
acquired and we are delighted that our asset management strategy has resulted in Impellam making
a further long term commitment to the building. Having completed the regear, we felt that it was
sensible to sell now so as to take advantage of the demand for long dated income. A sale at this level
further demonstrates the demand for HQ South East offices with secure income.”
Tim Legge of Tritax said: "This Grade A South East headquarters office is a strong addition to the
Fund’s initial portfolio of seven assets and further demonstrates our team’s ability to source good­
quality stock."
JLL advised APAM while Tritax was represented by DTRE.
pnorman@costar.co.uk

2. 05/07/2016 CoStar UK ­ The Leader in Commercial Property Information
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