Aviva Investors, the global asset management business of UK insurance group Aviva, has sold a portfolio of 12 UK commercial properties to Scottish Widows Investment Partnership (Swip) Property Trust for about £260 mln (EUR 287.5 mln). The deal reflects an initial yield of approximately 7%.
Aviva Investors, the global asset management business of UK insurance group Aviva, has sold a portfolio of 12 UK commercial properties to Scottish Widows Investment Partnership (Swip) Property Trust for about £260 mln (EUR 287.5 mln). The deal reflects an initial yield of approximately 7%.
The portfolio includes retail warehouse Parks in Beckton and Reading along with offices in south Manchester and Hook, shop units in Bournemouth and industrial units in Crawley and Denham. The properties were held by Aviva Life & Pensions Limited. Pinsent Masons and DTZ were advisers on the transaction.
'The recent rise in pricing has been driven by significant cash inflows into the UK funds and a limited supply of quality institutional grade property. To take advantage of these market conditions, we have undertaken a small number of opportunistic sales as part of ongoing portfolio management,' said Joel Lindsey, head of UK real estate at Aviva Investors.
Aviva Investors manages £22 bn in real estate assets globally.
