CBRE Global Investors wins EDS mandate and makes initial four purchases (UK)
Monday 13 August 2012
CBRE Global Investors, the global real estate investment management firm, has won a £120 million (approx. €153 million) mandate from EDS Trustee Ltd, and has purchased four properties on behalf of the client for £18 million.
The properties, which are retail units located in Worthing, Worcester, Truro and Leeds, were purchased as part of a wider £32 million portfolio purchase – The Orchid Portfolio, which also contains properties bought on behalf of other CBRE Global Investors clients.
The mandate with EDS Trustee Ltd was signed earlier this month and required the establishment of a fully exempt unauthorized property unit trust, to allow two pension plans to co-invest in a UK portfolio with a target fund size of £120 million. Details of the specific properties are as follows:
• Lyons Farm, Worthing: an out-of-town retail warehouse let to Argos and Pets at Home
• Worcester: high-street retail let to Barclays
• 93-94 Pydar St, Truro: high-street retail let to Boots
• 31 Commercial St, Leeds: high-street retail let to Lush Retail.
The portfolio purchase, from Threadneedle, was agreed off-market in May this year.
Tim Munn, Senior Director, CBRE Global Investors, said: “We are delighted to have won the EDS Trustee Ltd mandate and to have made what we consider to be four excellent purchases on their behalf. Further investments will be made over the coming 18 months and we look forward to working with EDS Trustee Ltd.”