UK - Protego Real Estate Investors has made two UK property acquisitions with a combined value of £81.2m (€120.7m) on behalf of UBS' Wealth Management UK Property Fund.

The acquisitions are comprised of the Newlands Shopping Centre in Kettering and the Alba portfolio of six industrial estates in the North West of England.

Newlands Shopping Centre was acquired from Boultbee for £55.5m, representing a net initial yield of 5.63% and a nominal equivalent yield of 6.13%.

Protego will retain Boultbee's property management company, EFM Asset Management, to manage the property.

The Alba portfolio was acquired from Langtree Group plc for £25.7 million, reflecting a net initial yield of 6.3%. The estates are located in St Helens, Bromborough and Barnsley. They total over 450,000 sq ft of modern industrial space let to 50-plus tenants.

Protego is an asset manager for UBS' Wealth Management UK Property Fund which is a multi-manager vehicle for UBS's private banking clients.

The latest acquisitions bring the total capital invested by Protego on behalf of the fund to £150m since April.

James Salmon, head of asset management at Protego, said: "Both these acquisitions present a number of opportunities to add value and the Alba portfolio provides us with high-quality exposure to some key northern industrial markets where there is good potential for growth.

Earlier, Protego announced three new hires. Graham Barker joined as director, asset management while Mark Adams is a real estate lawyer and associate director, and Matthew Callow is a senior investment analyst.