PRESS RELEASE
SALE OF B&Q CHURCHILL ROAD, NELSON
A joint venture vehicle managed by AEW Europe and Mountgrange Investment Management LLP has completed the sale of a 37,000 sq.ft B&Q retail warehouse in Nelson, Lancashire.
The property was acquired by IRP Holdings Ltd, a fund run by F&C REIT, at a yield of 7.0%. It follows a successful rent review settlement on the property earlier in the year.
Rob West, a Partner at Mountgrange Investment Management LLP and the asset manager for the joint venture, commented: “This is the third successful disposal from the joint venture that has achieved a price in excess of the asking price and provides a good return to investors.”
"This deal shows the strong resurgence of interest in well located, well let property in the UK", added Merrick Marshall, Executive Director at AEW Europe in London.
The joint venture had acquired the asset as part of a portfolio of 28 properties in 2008.
King Sturge acted for the vendor and CWM & Partners for the purchaser.
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For further information:
Howard Lee T: 020 7367 5225 M: 07836 785 993 E: hlee@headlandconsultancy.co.uk
Tom Gough T: 020 7367 5228 M: 07717 896 701 E: tgough@headlandconsultancy.co.uk
About Mountgrange Investment Management LLP (‘Mountgrange’) Mountgrange is a dedicated independent UK property fund and asset manager with a team of 12 experienced professionals drawn from the property and fund management industries. Mountgrange has launched its first fund, the Mountgrange Real Estate Opportunity Fund (“MoREOF”) with committed capital of £300million drawn from investors around the world including endowment and pension funds, family offices, fund of funds managers, and high net worth individuals.
With debt, MoREOF will have acquisition capacity of £850 million. Mountgrange seeks to identify undervalued opportunities across a number of property segments and to maximise returns by applying its investment and asset management expertise. For further information visit www.mountgrange.com
About AEW Europe AEW Europe is one of the pre-eminent European real estate investment managers with over 250 professionals operating from 11 offices in Barcelona, Bucharest, Budapest, Düsseldorf, London, Luxembourg, Milan, Paris, Prague, Stockholm, and Warsaw.
AEW Europe together with its U.S. and Singapore affiliates have approximately €30 billion in gross assets under management, are a subsidiary of Natixis Global Asset Management and constitute a broad, well-established network of relationships with property investors, owners, developers and lenders across the globe.
Tristan Capital Partners is a London-based investment management boutique specialising in real estate investment strategies across the UK and continental Europe. Tristan is the sub-advisor/portfolio manager for the AEW Europe Funds European Property Investors and European Property Investors Special Opportunities.