Aviva Investors, the global asset management business of Aviva, 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.”
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).
Pinsent Masons and DTZ were advisers on the transaction.
* These properties are managed as direct investments on behalf of Aviva Life & Pensions Limited and are independent of the Aviva Linked Property Fund.
