Specialist institutional investor COREM Investment Management has completed its second UK purchase, acquiring a multi-let retail block on Broad Street, Reading from Standard Life Pooled Property Pension Fund for £20m – a 6% yield.
It previously bought the House of Fraser department store in Leamington Spa for £18m.
Both purchases were funded with 100% equity.
Peter Lillington, director at COREM, said: “We are delighted to make our second institutional investment, this time buying a prime retail block in Reading where we can apply our asset management strategy. We aim to continue and expand our UK commercial investment portfolio over the coming months.”
COREM was represented by Knight Frank; Jackson Criss acted for Standard Life Pooled Property Pension Fund.
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