Category : Commercial Transactional
A commercial property portfolio has changed hands for £80 million, it has been reported.
Orchard Street Investment Management spent the funds on acquiring six premises held by Aegon Asset management, which produces a net annual income of £6.44 million, reports Property Week.
These include office facilities in Maidstone, Newbury and Derby, distribution centres in Gloucester and Livingston, plus a leisure centre in Sunderland.
Explaining the decision to sell the portfolio, Aegon's fund manager Sarah Cockburn told the magazine: "We were pleased to find an institutional investor capable of funding the acquisition from existing cash resources."
Another company looking for a property buyer is insurance firm Royal London.
The firm is anticipating a £5 million windfall when it sells its 19 St Andrews Place building in Edinburgh, Property Executive reports.
It has become surplus after a reorganisation of the company's Edinburgh premises portfolio.
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