Four new buys boosted business at the Westbury Property Fund in the six months to 30 June.
The group said it had bought four properties. They are:
- a business park in Peterlee, County Durham,
- a shopping centre in Debden , Essex,
- an industrial unit in Chelmsford, Essex,
- a single let industrial unit at Park Royal, London for £23.9m,
The purchases take its portfolio to 17 properties with a value of £102.7m.
Westbury added that it also had £9.5m of acquisitions in solicitor’s hands and a further £25m to invest in the market.
Chairman of the group’s investment committee Richard Burrell, said: “The UK property market remains characterised by significant cash inflows and all areas of the market are active, particularly with the current cost of money at the level it is.
Signs that the investment market has peaked appear premature but the ongoing hardening of yields remains questionable.
He added: “We remain cautious but opportunistic and while we may dispose of individual assets on a tactical basis, we remain committed to expanding the company’s asset base overall.”
References: EGi News 27/07/05
