Orchard Street Investment Management LLP has acquired a portfolio of 6 properties from AEGON Asset Management plc (acting on behalf of the AEGON UK Property Fund Limited), for the sum of £80m.
The portfolio consists of offices in Maidstone, Derby, and Newbury, major distribution facilities in Gloucester and Livingston, and a leisure property in Sunderland. The properties represent good quality institutional investments, and are fully let to produce a net annual income of £6.44m.
Gary Felce, Chief Investment Officer at Orchard Street, said,
“This purchase is on behalf of a major UK pension fund client and brings to £120m the total of new investment we have made for this client in 2008 so far”.
Sarah Cockburn, Fund Manager at AEGON, said,
“We were pleased to find an institutional investor capable of funding the acquisition from existing cash resources. As a result we were able to complete the transaction smoothly in challenging market conditions.”
KF acted for Orchard Street, and DTZ acted for Aegon.