AEW Europe, formerly known as Curzon Global Partners, has agreed to buy the Bridge, a big shed in Dartford, Kent, for around £61m, as tipped in Property Week (09.01.09).
The fund manager will buy the 672,000 sq ft shed from Aegon Asset Management. AEW has bought the shed, which was developed by ProLogis and is let to Sainsbury’s for a remaining term of just over 18 years, for its European Property Investors Special Opportunities (EPISO) fund.
It is thought that the deal represents a yield of around 8%.
Rob Reiskin, head of investments for Europe, said: ‘The combination of limited liquidity and the presence of motivated sellers is creating an interesting dynamic for those with access to capital and strong relationships. In this instance, we were able to buy a prime property at an attractive yield. Importantly, we were also able to secure debt finance on highly competitive terms.’
The deal is the third investment for the EPISO fund, following a joint deal with Mountgrange to buy a £126m mixed-use portfolio from Prupim in the UK. It also bought a £131m portfolio located around Paris in the last quarter of 2008.
King Sturge advised Aegon.