Clerical Medical has purchased a French property portfolio from a joint venture between Invista and Glenn Maud’s Propinvest, for €170m (£130m).
The pensions and investment company, which is part of the HBOS group, has purchased a portfolio of 23 properties, generating an annual income of €10m (£8m).
The portfolio was controlled by Celsius European Holdings Sarl, which is 50:50 owned by Invista and Propinvest. Proceeds from the sale will be used to pay senior debt taken out at the time of the original purchase of the portfolio in May 2007.
Invista said it was in discussions with bankers regarding the refinancing of the remainder of the senior debt within Celsius and would make an announcement shortly.
Duncan Owen, chief executive of Invista said: ‘Celsius owns a diverse portfolio of high quality assets across France and the portfolio’s value has continued to hold up well.’