AEW UK Investment Management has sold a portfolio of 12 office properties in the South East to a fund managed by Ares Management for around £140m.
The properties, of which 60% have recently been refurbished, cover 482,642 sq ft in total.
They are located across the South East including business parks in Maidenhead, Theale and Wokingham as well as office space on Blagrave Street in central Reading.
Nick Winsley, portfolio manager at AEW UK South East Office Fund, said: “Having identified this opportunity in the South East office market back in 2014, we are pleased to have implemented our value-add strategy on behalf of our clients and to have delivered positive returns despite the underlying political and economic uncertainty with Brexit.”
Ares Real Estate group partner Wilson Lamont added: “This portfolio of high-quality office assets are a good fit for our long-standing value-add investment strategy.”
Tudor Toone represented AEW UK Investment Management. CBRE represented Ares.
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