New UK-focused investment platform Corem Investment Management has completed its second UK purchase since launch, acquiring a multi-let retail block in Reading for £20 mln (€23.7 mln).
The vendor was Standard Life Pooled Property Pension Fund.
The purchase represents a yield of just over 6% and follows the August 2016 acquisition of the House of Fraser store in Leamington Spa for £18 mln (€21.3 mln). Both purchases were financed with 100% equity.
'We are delighted to make our second institutional investment, this time buying a prime retail block in Reading where we can apply our asset management strategy,' commented Peter Lillington, a director at Corem. 'With our experienced team, market penetration and ability to deploy capital quickly we aim to continue and expand our UK commercial investment portfolio over the coming months.'
Corem was represented by Knight Frank while Jackson Criss acted for Standard Life Pooled Property Pension Fund.
