Aviva Investors has bought a £73.4m (€82.3m) pre-let UK manufacturing site for a secure long income real estate fund.

The asset manager said the 490,000sqft site at Prospero Ansty near Coventry will be let to engineering firm Meggitt under a 30-year lease.

The site is being developed by Manse Opus in a project funded by Aviva Investors’ Lime Property Fund. 

Launched in 2004, the Lime Property Fund is a secure long income real estate fund with a net asset value of in excess of £2bn. The fund targets property investments that provide inflation-linked or fixed rental uplifts let to tenants on leases of over 15 years, cross-sector, UK wide.

Kris McPhail, the fund manager at Aviva Investors, said: “The transaction provides our investors with sustainable, inflation-linked income, underpinned by a very strong tenant in a market with solid fundamentals and potential for growth.”

Jonathan Jones, the group property director, Meggitt said: “This was a complex acquisition with multiple stakeholders to manage, our timeline was tight and we had to adopt innovative ways to achieve a design-build and leaseback vehicle to meet our goals.

“With the intention of entering a 30-year lease, choosing the right funding partner for this £100m project was also fundamental to a successful outcome and in Aviva Investors, this proved the case.”