Cordea Savills has bought the Redwood Farm pub in Bristol, marking the final asset purchase to complete a new £170m portfolio.
It paid £3.6m – a 5.1% yield – for the 12,890 sq ft building in Cribbs Causeway from PMHW, a subsidiary of Carlyle Trust Group.
The completed portfolio comprises 12 UK assets across all sectors with a mix of both standing investments and developments that are due to complete in 2015.
It was purchased on behalf of a corporate pension fund client targeting strong, long-dated, index-linked income.
Lucy Winterburn, director of investment at Cordea Savills, said: “We are delighted to have achieved full investment for this mandate within 18 months of the monies being allocated. The portfolio has a strong bias towards triple-A covenants exhibiting a high grade of secure income with an average unexpired term of 23 years and a net initial yield of 5.6%.”
DTZ advised the vendor; Savills advised Cordea Savills on the Bristol purchase.
