REAL ESTATE - Mars Pension Trustees have sold off a four-story Nottingham office block to fund managers Warner Estate Holdings and Morley Fund Management for €23.2m.
A spokesman for the UK pension fund declined to comment on the reasons for the sale – or the impact it would have on the fund’s property portfolio. The 67.6ft2 building is wholly let to Gala Coral Group and UPS on long leases.
Warner Estates and Morley acquired the block for the €470m Apia Regional Office Fund, with an expected yield of 5.7%. The fund already contains one Nottingham office block – the eight-story York House, which is let to Nottingham Trent University.
Halladale, the Scottish real estate firm backed by the Kodak pension fund, predicted that offices would be the top-performing UK sector in the medium term.