Acquisition of £80m UK Portfolio from Aegon Asset Management
2 June 2008
Orchard Street Investment Management LLP has acquired a portfolio of 6 properties from AEGON Asset Management plc (acting on behalf of the AEGON UK Property Fund Limited), for the sum of £80m.
The portfolio consists of offices in Maidstone, Derby, and Newbury, major distribution facilities in Gloucester and Livingston, and a leisure property in Sunderland. The properties represent good quality institutional investments, and are fully let to produce a net annual income of £6.44m.
Gary Felce, Chief Investment Officer at Orchard Street, said,
“This purchase is on behalf of a major UK pension fund client and brings to £120m the total of new investment we have made for this client in 2008 so far”.
Sarah Cockburn, Fund Manager at AEGON, said,
“We were pleased to find an institutional investor capable of funding the acquisition from existing cash resources. As a result we were able to complete the transaction smoothly in challenging market conditions.”
KF acted for Orchard Street, and DTZ acted for Aegon.
END
For more information:
Dido Laurimore/ Talia Shirion
FTI Consulting
+44 (0)20 3727 1000
osim [at] fticonsulting.com
Notes to Editors:
Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market with £4.2 billion of AUM (as at 30 June 2022). It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial warehouses, retail warehouses, and offices.