Financier George Soros has emerged as the vendor in the £188m sale of a mixed portfolio to Prestbury Capital Ventures – a joint venture between UK companies Prestbury and MEPC.
Neither side would comment on the identity of the vendor, but many of the properties involved in the deal are understood to be owned by Soros’ Freehold Portfolio Estates.
The portfolio includes £80m of warehousing and shopping centres, £38m of prime retail, £31m of department stores, £25m of offices and £14m of leisure parks. In total the portfolio amounts to 92,900m2 consisting of 38 properties including three retail parks, a food store, two five buildings, shopping centre and High Street shops, all outside London.
The initial yield is 7% rising to 8% over 36 months. The deal was funded by EuroHypo Bank and Deutsche Bank.
Franc Warwick advised the joint venture.