A joint venture vehicle managed by AEW Europe and Mountgrange Investment Management LLP has completed the sale of a well-located shop on Week Street in Maidstone, Kent.
The property was acquired by Royal Ordnance (Crown Services) Pension Scheme, a fund run by CBRE Investors, at a yield of 7.0%.
Rob West, a Partner at Mountgrange Investment Management LLP, the asset managers for the joint venture, commented: “With the rent review completed, we took advantage of current market appetite and sold the property while the unexpired lease term was in excess of 7.5 years.”
Merrick Marshall, Executive Director, Asset Management for AEW Europe, added: \"Through proactive management we have been able to accelerate our sales targets and take advantage of investor demand for quality assets.\"
The joint venture had acquired the asset as part of a portfolio of 28 properties in 2008. The sale of the Maidstone property follows the successful sale of three other assets from the portfolio in the fourth quarter of 2009.
Savills acted for the vendor and King Sturge for the purchaser.