British Land sells ‘YO! Sushi site’ for £26m: British Land has sold 52 Poland Street in London to Amazon Property for £26 million, reflecting a capital value of nearly £1,300 per square foot. The site is a 20,500 square foot multi-let building over basement, ground and seven upper office floors. The total passing rent of £693,373 equates to £33.84 per square foot. The ground and basement floors are occupied by YO! Sushi and a Lucky Voice karaoke bar. Located in Soho, the building is 300 metres from the new Crossrail Station at Tottenham Court, and a short walk from Oxford Street. Amazon Property is to acquire the freehold of the building at 51% ahead of the March 2014 book value, at a Net Initial Yield of 2.5%. Tim Roberts, head of offices, British Land said: “The expiry profile at 52 Poland Street means there is potential for vacant possession of upper parts in June 2015. The site attracted very strong interest, reflecting the strength and depth of the West End investment market. It is an opportune time to sell and focus on projects elsewhere in our portfolio.” Chris Lanitis, partner at Amazon Property said: “This is a strategic acquisition to add to our growing portfolio in an area where we see considerable growth prospects.”

Heineken reports strong half-year: Heineken volume in the premium segment grew 6.6% in the first six months of its financial year, the company reported this morning. Heineken volume was up double-digits in Western Europe driven by strong underlying brand performances in France, Spain, Ireland, the UK and Portugal. Heineken also returned to growth in Asia Pacific in the second quarter driven by China, Taiwan and Malaysia, which more than offset lower brand volume in Vietnam. Heineken also saw strong brand growth in Brazil, Poland, Russia, Germany, Nigeria, Mexico and Chile in the first six months. Volume of the global brands Desperados, Affligem and Sol all grew in the double digits in the first half of the year, reflecting a broader focus on extending Heineken’s premium brand portfolio. Volume of cider grew in the mid-single digits led by growth of the Strongbow brand. Overall, group beer volume rose 3.1% and net profit of €772m was up 19% organically. Chief executive Jean-François van Boxmeer said: “With revenue and profit growth in nearly all regions, this is a very good first half performance. This progress is the result of a continued disciplined strategic focus with sustained investment in our brands and strengthened commercial execution. Our emphasis on innovation has enabled us to exceed our target and deliver €682 million of revenues. Heineken premium volume grew 6.6%, reflecting strong gains in key markets such as France, Nigeria, Russia, Brazil and China. We also delivered our 3-year cost savings target of €625 million six months ahead of schedule. The economic outlook remains mixed and we expect some moderation in top-line and profit growth in the second half of the year. We are confident that our strong brand portfolio, geographic breadth and focus on cost control will result in healthy top and bottom line growth in 2014 and beyond.”