Aviva Investors, the global asset management business of Aviva plc, today announced it has sold a portfolio of 12 UK commercial properties to SWIP Property Trust for circa £260 million (287 million) reflecting an initial yield in the region of 7%. The portfolio includes retail warehouse Parks in Beckton and Reading along with offices in south Manchester and Hook, shop units in Bournemouth and industrial units in Crawley and Denham.
Joel Lindsey, Head of Aviva Life Funds UK Real Estate at Aviva Investors, said:
"We are delighted to have sold the portfolio to SWIP Property Trust. The recent rise in pricing has been driven by significant cash inflows to the UK funds and a limited supply of quality institutional grade property. To take advantage of these market conditions, we have undertaken a small number of opportunistic sales as part of ongoing portfolio management."
Aviva Investors has a significant and long-standing expertise in real estate investment, managing £22 billion (24.3 billion) in real estate assets globally
(as of June 30, 2009). Pinsent Masons and DTZ were advisers on the transaction.
Source: Aviva Investors
