Frogmore will provide property asset management services for the six high-income office and industrial properties, with the aim of maximising their valuer
Opportunity fund Lend Lease Global Properties (LLGP) has acquired a portfolio of UK properties from Reit Asset Management for £124.2m.
The portfolio comprises six office and industrial properties with a combined area of 217,800m2, the industrial properties taking up around 176,500m2.
LLGP, which is advised by Lend Lease Global Real Estate Advisors, bought the portfolio in an equity and management joint venture with UK property company Frogmore. LLGP’s UK partner will manage the properties, assisting with refurbishment, rent reviews and leasing strategies.
James Quille, chairman of Lend Lease Global Properties, said: “This deal follows our recent European acquisitions and adds a high-income component to our portfolio. The cash on equity return provides a good balance to the redevelopment activities in other areas and, through our joint venture with Frogmore, we aim to maximise the value of the properties through active asset management.”
LLGP has also confirmed its acquisition of business park specialist Akeler (see page 14). LLGP bought Akeler’s 117,000m2 investment portfolio, its 268,000m2 development portfolio and its management for a total of £294m.
Most of Akeler’s assets are in the UK, particularly in the Thames Valley, Leeds and Glasgow, and it is seeking more UK development sites.
The company also has assets in Germany, where it owns development sites in Frankfurt and Munich, and in Portugal, where it is putting the finishing touches to the Quinta da Fonte Business Park, Lisbon.
LLGP owns real estate investments in the UK, Spain, Germany, Hong Kong, Japan and Korea. The Akeler acquisition will take its gross total assets to $950m.
