Royal London Asset Management has acquired a UK multi-let commercial real estate from Patrizia for £61.5m (€71m).

Patrizia said it has sold Abingdon Business Park in Oxfordshire, on behalf of its UK Value 2 fund, to Royal London Mutual Insurance Society.

Patrizia acquired the 415,000sqft park comprising a mix of office, R&D and industrial space, in 2015, and since then has undertaken a comprehensive asset management programme, refurbishing and re-letting the majority of space on the estate.

Duncan White, director of UK fund management at Patrizia, said: “This off-market sale is ahead of our business plan for Abingdon Business Park and crystallises extremely strong and market-leading returns for our investors, as well as being highly accretive to the overall performance of the fund.

“Furthermore, the transaction is further evidence of the continued institutional appetite for UK multi-let commercial real estate in strong regional locations such as this.”

James Orr, senior fund manager and head of industrial at Royal London Asset Management said: “Abingdon Business Park is a great acquisition for us and aligns with our investment strategy to acquire best-in-class multi-let commercial estates in locations with strong growth potential.”

Orr said Royal London Asset Management has completed £360m of industrial purchases over the past 12 months including Kings Norton, Birmingham (£134m), Tower Thurrock, Essex (£56m) and Overton Park, Peterborough (£44m), adding that the company continues to explore new opportunities.