Pramerica Real Estate Investors has completed two acquisitions with a combined value of £9.5 million (approx. €11 million) on behalf of one of its separate client account mandates, the company announced today.
The two properties are the Ashville Trading Estate in Leicester, acquired for £4.9 million, and 25-29 Bridge St and 29-35 Bridge St Row in Chester, acquired for £4.6 million. Pramerica Real Estate Investors is the European arm of the real estate investment and advisory business of Prudential Financial, Inc. (NYSE: PRU), which is headquartered in the United States.
The Ashville Trading Estate is a well located industrial estate with a strong, diversified tenant base. The property offers attractive unit sizes and has a low vacancy rate of c.6% with an average unexpired lease term of four years. The estate is located close to transport links, within five miles of junction 21A of the M1 motorway. The acquiring agent was AHBN.
25-29 Bridge St and 29-35 Bridge St Row is a parade of four retail units, well located in the center of the shopping district of Chester, a strong retailing destination, and is fully let to Austin Reed, Lakeland, Café Rouge and French Connection. The properties have an average unexpired lease term of six years. The acquiring agent was Christopher Dee.
Charles Crowe, Managing Director of UK Real Estate at Pramerica, commented, “These two acquisitions are good examples of the type of assets that we have acquired for this separate account portfolio, with good underlying property fundamentals, strong income characteristics and the potential for future growth through active asset management. With a further £150 million available for investment, we continue to assess potential opportunities with a view to making further acquisitions of similar, high quality properties and generating value on behalf of our investor.”
Source: FTI Consulting