Benson Elliot has bought a mixed UK real estate portfolio from L&G’s Property Income Fund.
The private equity manager said it paid £132m (€178.4m) for the Bentley portfolio, which includes office and retail assets.
The portfolio includes Guildford Business Park in Surrey, and The Meadows centre in Chelmsford, Essex.
James Jakeman, principal at Benson Elliot, said the deal was well-aligned with the company’s “core competencies”.
“The two assets,” he added, “offer further value as the ripple effect of growth in central London spreads outward and gathers momentum.”
L&G bought the former in 2010 from The Crown Estate.
The 260,000 sq ft scheme is let to tenants including Philips, Colgate and Ericsson.
The 200,000 sq ft Meadows centre is 91% occupied and anchored by Wilko and BHS.
Charlie Walker, fund manager at LGP’s UK Property Income Fund, said the company secured an “opportune and timely exit”.
L&G closed its second UK Property Income Fund, raising £403m in May this year.
The investment manager said the fund was backed by 16 international investors, with seven having backed L&G’s first fund, UKPIF I, which closed in 2011.