Aprirose acquires £21 million Co-Op portfolio (UK)

Aprirose has bought the Sand Portfolio of nine freehold petrol filling stations with Co-Op convenience stores for £20.9 million (€24.7 million) reflecting a net initial yield of 5.77% from a private client of Cannon Capital.

The nine properties let to the Co-Op have an average weighted unexpired lease term of over 21 years and are ranged across England from Annitsford, to the north of Newcastle-Upon-Tyne, to Swanley, in Kent in the south.

Cannon Capital managing director James Cannon said: "There have been a number of other investments in the market with a Co-Op guarantee that have performed very strongly. These nine particular properties have the benefits of an assignment for the remainder of the lease terms and are as copper-bottomed an investment as you can currently get."

Aprirose's latest acquisition follows hard on the heels of an £18.5 million sale-and-leaseback Legoland hotel deal the property investment fund agreed with Windsor theme park owner Merlin Entertainments.

Mark Bruce-Lockhart of Philips Lockhart, which advised Aprirose, said: "This acquisition demonstrates that demand from private investors remains strong for well-let commercial property, which offers higher returns than bank savings and many other investment classes."

It takes Aprirose's total expenditure in the last 12 months to £150 million.

Source: MJ2

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