Legal & General Property has invested £226.5m (€284.8m) in UK regional real estate.
The investment manager bought the portfolio on behalf of its £1.7bn UK Property Fund (UKPF) and the £1.2bn Industrial Property Investment Fund (IPIF).
The portfolio includes 13 assets known as the Ocean portfolio and Fradley Park in Litchfield.
The deal reflected a net 6.5% initial yield.
The assets will be divided between UKPF and IPIF, providing UKPF with access to four large distribution warehouse parks.
Matt Jarvis, UKPF fund manager, said it expected the sector to outperform in the medium term.
IPIF takes eight smaller multi-let estates, resulting in a proportional split of 83%/17%.
UKPF has acquired its assets for £188.3m, with IPIF investing the remaining £38.1m.
The Ocean portfolio is, L&G said, weighted towards the Midlands and north east.
Almost 75% of the total portfolio’s value is accounted for by Fradley Park and Follingsby Park, in Gateshead.
In total, the portfolio has 142 tenants, with an average weighted unexpired lease term of 4.9 years.