UK - Universities Superannuation Scheme (USS) has continued its 18-month UK real estate spending spree with the purchase of an office building in London's West End for £42m (€50.8m).
The UK pension fund has spent close to £1bn since the start of 2009, buying properties before and during the ongoing recovery in its domestic market.
Most of the acquisitions were made in 2009, with real estate investments in 2010 so far amounting to close to £200m.
The latest is National Magazine House, a freehold office building on Soho's Carnaby Estate, with a yield of more than 6%.
In December 2009, it acquired Kingston Retail Park near Newcastle for £29.7m from Henderson Global Investors and more recently sold the White Lion Retail Park in Dunstable to Prupim.
Graham Burnett, head of property at USS, said: "This investment further complements the fund's property portfolio, taking our transactions in the last 18 months to more than £1bn."
National Magazine House comprises more than 65,000 square feet of mixed-use space on basement and ground floors and four upper floors.
The offices space, which makes up 86% of the rental income, is let to the National Magazine Company on a lease expiring in September 2018.
Six retail units fronting Carnaby Street and 11 flats make up the remainder of the asset.
