UK-based private equity fund manager Benson Elliot has acquired a portfolio of two assets in the south-east of England for £132 mln (€178 mln).

UK-based private equity fund manager Benson Elliot has acquired a portfolio of two assets in the south-east of England for £132 mln (€178 mln).

Legal & General was the vendor of the Bentley Portfolio, which comprises Guildford Business Park in Surrey and The Meadows, a covered retail and restaurant centre in Chelmsford, Essex.

Guildford Business Park was developed in 1988 and owned by the Crown Estate until L&G acquired it in 2010 for £55.2 mln. It provides 24,000 m2 of Grade A and B+ office space, with tenants including Philips, Colgate and Ericson.

The Meadows is a 18,500 m2 city centre retail and A3 scheme on a 3.2 ha site with 91% occupancy, anchored by Wilko and BHS. L&G acquired it from Lend Lease in 2011 for £56 mln.

James Jakeman, principal at Benson Elliot, said: ‘This acquisition is well aligned with the firm’s core competencies and we believe the two assets offer further value as the ripple effect of growth in Central London spreads outward and gathers momentum.’

Charlie Walker, Fund Manager to LGP’s UK Property Income Fund, said: ‘Having acquired the Guildford and Chelmsford investments earlier in the cycle, we have reached early conclusion of the active business plans and secured an opportune and timely exit that allows us to return strong value to our investors.’

Benson Elliot was advised by Montagu Evans and Jackson Criss, while the vendor was advised by JLL and Tudor Toone. Benson Elliot has appointed Cube Real Estate as asset manager.