Legal & General is to split its £295m Bentley Portfolio despite receiving several bids for the full package.
Benson Elliott has gone under offer on the two major assets in the portfolio, paying in excess of £135m for the 197,000
sq ft Meadows shopping centre in Chelmsford, Essex (pictured), and the 262,000 sq ft Guildford business park in Surrey.
The original portfolio was put up for sale in April through JLL, with the price tag reflecting a 7% yield.
The FIX Portfolio of 47 trade parks, which was originally included in the Bentley sale, is to be retained by L&G owing to its complex ownership structure.
FIX, which comprises 266 units, brings in the most income, generating £10.7m pa, compared with £6m from Guildford and £3.6m from Meadows.
L&G bought FIX for £115.9m from a Paradigm Real Estate-led consortium in 2013.
The full portfolio attracted interest from Varde Partners, AEW, Goldman Sachs and Harbert Management Corporation.
It comprises the remaining assets from the UK Property Income Fund I, which were bought between 2010 and 2011 with backing from international institutional investors.
The rest of the assets in the fund have been sold off individually over the past two years.
chris.berkin@estatesgzette.com