Standard Life Investments has executed three transactions totalling over EUR 50 mln in Poland, the Czech Republic and the UK.
Standard Life Investments has executed three transactions totalling over EUR 50 mln in Poland, the Czech Republic and the UK.
On Tuesday, the real estate arm of Edinburgh-based savings and investment firm Standard Life said it has bought Ascent Park for £10 mln on behalf of its £286 mln (EUR 336 mln) UK Property Fund.
Purchased from AXA Real Estate, Ascent Park is fully let to eight tenants with an average weighted unexpired term of 7.8 years. The purchase price represents a yield of 6.2%.
In CEE, the company has divested two logistics parks - D5 Pilsen in the Czech Republic and Torun in Poland - on behalf of its Select Property Fund.
Standard Life Investments developed both projects in a joint venture with Panattoni Europe at a combined cost of EUR 43 mln. The Czech property was developed in 2007, and the Polish park in 2010.
Andrew Jackson, fund manager of the Standard Life Investments Select Property Fund said: 'We still have exposure to a number of logistics properties in Poland, but will recycle the sale proceeds from the current transactions into other international real estate markets, both directly and through depressed stock exchange listed property companies.'
