Warner buys property portfolio
Property investment company Warner Estate has snapped up the Principal Portfolio from the Co-operative Insurance Society for £159m.
The portfolio comprises of seven regional office investments throughout the UK, the Royals shopping Centre in Southend and seven smaller properties, all totalling £172m together with 105 leasehold liability properties accounting for £13m.
The seven regional office investments are being purchased by Warner Estate and Morley Fund Management's newly created Apia Regional Office Fund, which is a specialist property fund established to invest in large office properties in major regional towns in the UK.
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"The acquisitions are a significant first step in expanding the £261m Apia Fund towards our stated goal of £750 million under management by 2008," said operations director Michael Stevens.
"The purchase of The Royals Shopping Centre also follows our strategy of rebalancing the retail weighting in our Core portfolio."
