Sovereign Land and GE Capital have joined forces to acquire a £19m mixed portfolio.
The partnership has acquired a number of small shops, together with industrial ground rents and a 14,864 sq m (160,000 sq ft) Portsmouth industrial estate off the A27. The acquisition offers a net initial yield of 8.5%
The portfolio comprises the residual interests of the former £450m Lionsgate Group, in which Sovereign took a 20% stake and management role in July 1999. The remaining 80% was controlled by Credit Suisse First Boston, the majority owner of Sovereign.
Sovereign Land confirmed it is seeking further portfolio and shopping centre opportunities, with plans to make two further investments totalling £80m over the next year.
Chairman of Sovereign Land, Tim Binnington, said: “This is the second deal we have done with GE Capital and we are looking forward to doing more work with them in the future.”
EGi News 25/10/01
