■ Savills has sold Brockton’s freehold interest in The Centro Building to Workspace for a net price of £76.5m, reflecting a 4.90% net initial yield and a capital value of £902 per sq ft. Originally developed as a furniture depository, The Centro Building provides approximately 84,855 sq ft of warehouse style office accommodation together with a 3,000 sq ft communal roof terrace. The property is multi-let to four office tenants and one leisure operator providing an average unexpired term of 8.7 years. Over 84% of the income is secured against Hugo Boss UK Limited and French Connection Group Plc as their UK Headquarters.

■ On behalf of Great Portland Estates, Savills sold the Portland & Riding Estate to M&G Real Estate for £49.6m, reflecting a 3.90% net initial yield and a capital value of £1,362 per sq ft. The newly redeveloped estate totals circa 0.45 acres and comprises 18,121 sq ft of offices, seven retail units and eight residential units. M&G’s purchase was one of two UK institutional acquisitions this month.

■ In the largest transaction of the month, Seaforth Land has acquired CAA House for £165m, reflecting a capital value of £720 per sq ft. First constructed in 1969, the Grade II listed property totals 229,164 sq ft of office accommodation with eight storeys fronting Kingsway and 15 storeys arranged on Kemble Street. The building is let to the Civil Aviation Authority until December 2019 at which date it is understood that Seaforth Land will look to refurbish and re-let the building.

■ We have recorded five deals by UK institutions this year; two in April, representing 10% of turnover year to date. This is encouraging news for the market, however, they are still net sellers to the tune of over £330m so far this year. Unsurprisingly, overseas private investors remain the largest buyer group, making up over 40% of turnover, continuing a trend which started in 2015 (see Graph 1).

■ Savills was involved in over 50% of deals by both turnover and number during April, acting on six transactions. With a healthy sales book and four transactions totalling over £500m already exchanged in May, the team remains focussed on targeting active capital across a full spectrum of opportunities.

■ The MSCI average net initial yield moved out to 3.4% this month whilst the equivalent yield remained at 4.66%. Savills prime yield remains at 3.25% (see Graph 2).