Standard Life Investments' Pooled Pension Property Fund has sold a portfolio of six regional offices in the UK to Kames Capital for £34 mln (€42 mln).
Standard Life Investments' Pooled Pension Property Fund has sold a portfolio of six regional offices in the UK to Kames Capital for £34 mln (€42 mln).
The portfolio comprises over 450,000 sq ft (42,800 m2) of space in regional locations.
It includes Dunedin House in Stockton-on-Tees; the Castlebrook Business Park in Bury, Manchester; Northern Commercials in Brighouse, Leeds; Tachbrook Park in Leamington Spa; Manor Court in Exeter as well as the Orion Business Park in Stockport, Manchester.
The sale is part of the fund's strategy to dispose of smaller, non-core assets and reinvest in larger lot sizes.
'The sale of these assets reflects the fund's strategy to divest the portfolio of smaller out-of-town regional offices and other non-core assets. The proceeds from the sale will be recycled back into larger, predominantly prime assets,' commented David Stewart, fund manager of the Standard Life Investments Pooled Pension Property Fund.
Standard Life Investments was advised by Whitaker Horton and JLL advised Kames Capital.
Based in Edinburgh and London, Kames Capital manages £52 bn of assets including real estate on behalf of UK and international clients.