A joint venture vehicle managed by AEW Europe and Mountgrange Investment Management has completed the sale of a B&Q retail warehouse in Nelson, Lancashire, UK. The property was acquired by IRP Holdings, a fund run by F&C REIT, at a yield of 7%. The sale follows a successful rent review settlement on the property earlier in the year.
A joint venture vehicle managed by AEW Europe and Mountgrange Investment Management has completed the sale of a B&Q retail warehouse in Nelson, Lancashire, UK. The property was acquired by IRP Holdings, a fund run by F&C REIT, at a yield of 7%. The sale follows a successful rent review settlement on the property earlier in the year.
Rob West, a partner at Mountgrange Investment Management and the asset manager for the joint venture, commented: 'This is the third successful disposal from the joint venture that has achieved a price in excess of the asking price and provides a good return to investors.'
'This deal shows the strong resurgence of interest in well located, well let property in the UK', added Merrick Marshall, executive director at AEW Europe in London.
The joint venture had acquired the asset as part of a portfolio of 28 properties in 2008. King Sturge acted for the vendor and CWM & Partners for the purchaser.
