Fiera Real Estate has completed the sales of three industrial assets for a combined £24m.
The disposals from its open-ended core UK long income real estate fund reflect a yield of 6.5%.
Urban Logistics bought a shed in Exeter and retail warehouse in Warrington, while Copley Point Capital acquired a third asset in Bury St Edmunds.
The industrial trio were sold with a WAULT of 8.8 years, compared with Fiera’s portfolio average of 16.3 years.
The fund has a target of 20 years, to match its overall liabilities. It will reinvest the finance into new-build, long-dated and indexed income assets, with an emphasis on ESG.
Rupert Sheldon, fund manager at FRELIF UK, said: “Investment transaction activity over the past 12 months has delivered on all key fund metrics with the portfolio WAULT extending by 1.8 years overall, the percentage of indexation increasing by 12% and an overall improvement in tenant credit.”
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