Miller Developments, the Edinburgh-based group run by Phil Miller, has continued its UK investment drive with a £44m portfolio purchase.
The group has bought the 370,000 sq ft Aqua portfolio, made up of 60% shops, 21% mixed-use and 19% industrial properties spread across central and northern England, from Waterbridge Investment Partners.
The portfolio has 128 tenants including RAC, Ladbrokes, Pizza Express, Subway, Abbey, Boots and Greene King and provides a total passing rent of £2.9m, a 6.3% initial yield.
It includes a 33,000 sq ft multilet office at 75 Moseley Street in Manchester, which has the potential to be developed into a 100,000 sq ft-plus hotel or mixed-use scheme, subject to planning permission.
Miller recently started a €500m (£341m) drive on the Continent, with the acquisition of two German supermarket portfolios for €37m (£25m).
But chief executive Miller said he wanted to carry on investing in the UK.
Last week, the company bought the 155,000 sq ft Market Gates shopping centre in Great Yarmouth, Norfolk, from Halladale for £33m.
References: EGi News 16/01/06
