Australian life company Colonial Mutual has sold its UK property investment portfolio of 83 properties for £130m.
Colonial’s head of investment David Condon explained the company had decided to sell because “commercial property is relatively illiquid and requires specialist investment management skills.”
He added that this did not mean Colonial would not invest in UK commercial property again: “We believe that any future property market opportunities can be exploited without direct investment into bricks and mortar but through equities and other instruments.”
The purchaser is a consortium comprising GE Capital, Apollo Real Estate Investment Fund, Portfolio Holdings and Pelham Partners.
BZW and Radcliffes Crossman Block advised Colonial Mutual.Healey & Baker, King Sturge and Nelson Bakewell acted for the purchasers.
EGi News 02/10/96
