New York hedge fund Och-Ziff Real Estate has acquired a £60m high street portfolio, marking its first direct property investment in the UK.
Acting with its operating partner Addington Capital, the investment fund has bought the Retail Plus Property Trust, a Jersey Unit Trust managed by Rockspring.
The portfolio includes high street shops in 12 UK cities, including London, Cheltenham, Leeds, Newcastle and Shrewsbury.
Steven Orbuch, president of OZRE, said: “In partnership with Addington Capital, we believe there are interesting opportunities to reposition and re-let certain high street properties.”
The deal marks the first move in OZRE’s strategy to acquire “significant new retail lettings in an improving occupational market”.
Addington Capital will asset manage the Retail Plus portfolio.
The deal represents the first joint venture between OZRE and Addington Capital.
KLM acted for Rockspring.
