Standard Life has acquired two assets in Europe for €64m (£46m) for its Global Real Estate Fund.
The first property was Ogier House, a 76,000 sq ft office building in St Helier, Jersey. Let to a financial services firm, the initial yield was 7.5%
The second property was Building 4 of the World Trade Centre in Barcelona’s Almeda Park. The 110,868 sq ft office is 85% let and represented a yield of 6%.
The acquisitions mean the fund is now 75% invested in direct properties, with the remainder invested in real estate equities.
Montagu Evans acted for Standard Life on Ogier House; Cushman & Wakefield acted for the vendor.
