LNC Properties has bought a £12m mixed-use portfolio from a pension fund client of RREEF, in a deal designed to expand its UK presence. The purchase reflects an initial yield of 7.95% with the potential to increase returns.
The portfolio consists of 13 properties, including two central London offices, five provincial city warehouses and six high street shops in towns such as Crawley, Southend-on-Sea and Torquay. The majority of LNC’s £85m existing holdings are based in Scotland.
David Johnston, of agent Insignia Richard Ellis, said: “This acquisition increases the geographical spread of the LNC portfolio and provides various angles to increase income. The properties will be actively managed.”
Insignia Richard Ellis represented LNC Properties and RREEF was represented by Mason Philips.
EGi News 19/04/01
