The JP Morgan Greater Europe Opportunistic Property Fund, advised by JP Morgan Asset Management, has sold Vision Park, Cambridge to Royal London Asset Management for £28.5 mln (€35 mln), reflecting a net initial yield of 6.05%.

The JP Morgan Greater Europe Opportunistic Property Fund, advised by JP Morgan Asset Management, has sold Vision Park, Cambridge to Royal London Asset Management for £28.5 mln (€35 mln), reflecting a net initial yield of 6.05%.

The 90,000 sq ft (8,360 m2) office park, acquired by the fund in 2011, is let to Santander, Lloyds Bank, RBS, Spire Healthcare, Rakuten, GE Smallworld and GW Pharmaceuticals.

The fund, together with asset manager, XLB Properties, sought to capitalise on the weak capital market environment at the time of acquisition and its expectation of improving occupational fundamentals.

After a refurbishment of part of the property, the fund and XLB were able to secure a 17% increase in rental income and a meaningful extension of lease term, both resulting in significant capital appreciation against the initial acquisition price.

Allsop advised the JPMorgan Greater Europe Opportunistic Property Fund and XLB Properties. Bidwells advised Royal London Asset Management.