European real estate fund manager ÆRIUM has sold 14 petrol station convenience stores to Sheikh Ahmed Bin Nasser Al-Thani, a client of Investra Capital, for £30.9m.
The properties are let to Co-operative Group on a WAULT of 12.1 years generating a rent of circa £2m pa and benefiting from fixed annual rental uplifts of 2%.
The associated filling stations are operated by Co-operative Group and Petrogas, with the fuel supplied by Chevron Texaco.
Under ÆRIUM’s ownership, eight of the properties were redeveloped, one has been extended and five refurbished.
Martin Waller, UK managing director of Investra, said: “We have seen strong interest from our Gulf investors, particularly for medium to long-let assets spread across the UK.”
Sheikh Ahmed Bin Nasser Al-Thani was advised by Investra Capital; ÆRIUM was advised on this transaction by Gerald Eve.
