A joint venture between Mountgrange and Patron Capital has sold on seven properties to CBRE Global investors for £64 mln (EUR 80 mln) following the acquisition of the 24-asset Mercury portfolio from Henderson Global Investor's CMBS Caspar fund.
A joint venture between Mountgrange and Patron Capital has sold on seven properties to CBRE Global investors for £64 mln (EUR 80 mln) following the acquisition of the 24-asset Mercury portfolio from Henderson Global Investor's CMBS Caspar fund.
The properties formed part of the purchase by a 50:50 joint venture of Mountgrange Real Estate Opportunity Fund and private equity firm Patron Capital.
That deal has been slated as the largest UK multi-sector portfolio sale of the past three years.
The joint venture paid £184 mln for the portfolio and subsequently sold seven properties to CBRE Global Investors and two other buildings in separate deals.
Henderson said in a statement that the Caspar fund had gone past its loan maturity date and that it would have been 'at the mercy of its creditors' had Henderson not secured the portfolio sale.
The assets acquired by CBRE Global Investors comprise three retail warehouses, two multi-let industrial estates and two distribution warehouses. The assets represent some of the core properties in the portfolio and all are located in Greater London and the South East, CBRE Global Investors said.
BNP Paribas advised the buyer in the transaction.
Click on the link below to read: 'Mountgrange and Patron buy Mercury portfolio in the UK'
