Cordea Savills has completed the acquisition of a Tesco Extra supermarket in Mansfield, Nottinghamshire for £43 mln (EUR 49 mln) on behalf of the Charities Property Fund. The property is let to Tesco on a 20-year lease.

Cordea Savills has completed the acquisition of a Tesco Extra supermarket in Mansfield, Nottinghamshire for £43 mln (EUR 49 mln) on behalf of the Charities Property Fund. The property is let to Tesco on a 20-year lease.

Harry de Ferry Foster, Fund Director of the Charities Property Fund commented: 'The completion of this transaction means the Fund is now fully invested. We have managed to invest £100 mln over the last five months through six transactions, five of which have been sourced off-market. This demonstrates our ability to access deliverable opportunities even in challenging and rising market conditions.'

'These assets provide excellent income quality. They are all let, compared to the IPD void rate of 12.5%, and have a weighted average length to lease expiry of 14.7 years, which compares to an IPD average of 10.2 years.'

Launched in 2000, the fund was the first common investment fund available to all charities in England and Wales - and more recently to all UK charities - that invests directly in UK commercial property. It invests in a diversified portfolio of assets with a focus on providing attractive levels of income while maintaining capital values in real terms.