A joint venture vehicle managed by AEW Europe/Tristan Capital Partners and Mountgrange Investment Management LLP has sold two assets from a portfolio acquired in September 2008 for a total of £20.3 million (approx. 23.2 million). These two disposals, together with several other sales, mean that the managers have grossed £45 million from the portfolio since acquisition taking advantage of the current demand for quality retail and office assets.
The joint venture managers were advised on this disposal by Wilkinson Williams and Ignis Property Fund was advised by Savills.
The second property to be sold is Jacobs House at Cheadle Royal in Cheadle, Cheshire, to Prudential Property Investment Management for £8.6 million, reflecting a net initial yield of 7.34%.
Set within the North West's premier business park, the freehold office investment totals 36,077 sq ft (3,351 sq m) of grade A space over three floors. The property is currently entirely let to AWG Property Ltd who have a break in the lease in nine and a half years' time and pay an annual rent of £667,536.
The joint venture managers were advised on this disposal by international real estate advisor Savills and Prudential Property Investment Management was advised by CBRE.
Merrick Marshall, Head of Asset Management, AEW Europe said: "We continue to look to make opportunistic sales when market pricing is in line with our business plan targets and this sale represents another successful implementation of this strategy."
Rob West, partner at Mountgrange, added: "These sales demonstrate the continued demand for the best quality assets, let to good covenants, with long unexpired terms".