Capita Symonds - Q4 2011 Review

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Take-up

Supply

Rental profile

Investment markets

Take-up

In Q4 take-up decreased by 78% to 102,000 sq ft, down from 455,000 sq ft in Q3. Twelve months earlier in Q4 2010 take-up amounted to 1.4 million sq ft.

In the year to December rolling 12 month take-up decreased to 620,000 sq ft down from 1.9 million sq ft in the year to September.

Supply

In Q4 availability decreased by 10% to 1.3 million sq ft down from 1.5 million sq ft in Q3.

In the last 12 months availability has decreased by 25% from 1.8 million sq ft available in Q4 2010.

South Quay Plaza 3, 189 March Wall, E14

FOS Ltd has taken 15,506 sq ft on the 14th floor on a sub lease until November 2014. The rent was agreed at £30.00 per sq ft with four months rent free.

1 Canada Square, E14

BBVA Bank has taken 29,161 sq ft on the 44th floor on a 15 year term with a tenant only option to break after the 10th year, at a rent of £41.50 per sq ft.

Northern and Shell Tower, Selsdon Way E14

Bought by a private investor for £12.2m reflecting a net initial yield of 7.0%. Let to Northern and Shell on a lease to expire in 2022, at a rent of £908,000p.a, equating to £16.88 per sq ft.