USS Buys UK Head Office of Siemens
Universities Superannuation Scheme (USS) has acquired the UK headquarters of Siemens, located in Frimley, for £42.35 million (€47.5 million), for a net initial yield of 7.0 percent. The property was sold by clients of Invista Real Estate Investment Management.
The office campus, Sir William Siemens Square, totals approximately 17,000 square metres and was completed in 2002. It is currently let through 2027, with a tenant break option in 2022.
Graham Burnett, head of property at USS, commented: “We are pleased to confirm the purchase of this well-secured, modern office investment. The fund has now invested in excess of £1 billion [e1.12 billion] into UK property over the last two years.”