Pinsent Masons Advises Aviva Investors On £260m Portfolio Sale
Aviva Investors, the global asset management business of Aviva plc, advised by international law firm Pinsent Masons today announced it has sold a portfolio of 12 UK commercial properties* to SWIP Property Trust for circa £260 million, reflecting an initial yield in the region of 7%. The portfolio includes retail warehouse parks in Beckton and Reading along with offices in south Manchester and Hook, shop units in Bournemouth and industrial units in Crawley and Denham.
Joel Lindsey, Head of Aviva Life Funds UK Real Estate at Aviva Investors, said: We are delighted to have sold the portfolio to SWIP Property Trust. The recent rise in pricing has been driven by significant cash inflows to the UK funds and a limited supply of quality institutional grade property. To take advantage of these market conditions, we have undertaken a small number of opportunistic sales as part of ongoing portfolio management.
Lindsay added: Pinsent Masons fielded an extremely strong team of partners including James Crookes, Richard Daffern, Gerry Mulholland, and led by Andrew Quinlan. They came up with an innovative title certification method, which was relied upon the buyer and this made a significant impact on the timing and certainty of the deal.
The successful completion of this transaction builds on Pinsent Masons reputation for handling large scale property transactions including last years sale of Gazeley Developments for client Asda Walmart and the sale of Laing Homes for client John Laing plc.
Aviva Investors has a significant and long-standing expertise in real estate investment, managing £22 billion in real estate assets globally (at 30 June 2009).
* These properties are managed as direct investments on behalf of Aviva Life & Pensions Limited and are independent of the Aviva Linked Property Fund.
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