Fidelity International has bought four office buildings in South East England for £41.5m – the first purchases for a Pan-European Real Estate Fund to be launched later this year.

The deal reflects a yield of 6.06%.

The offices were bought from Australia’s Goodman Property Investors and include offices in Bracknell, let to Dell, two buildings in Fleet, let to the Secretary of State and Alfred McAlpine, and a building in Hook, let to Virgin Media.

Alison Puhar, director of UK Real Estate at Fidelity International said: “These buildings offer good income security as well as scope for some active management and give us exposure to the recovering Blackwater Valley and Bracknell markets. These are the right sort of property fundamentals for outperformance at this point in the property cycle.’

The Fund has buying power of €250m (£169.7m) this year, and the rest of the deals are expected to be outside the UK.

DTZ acted on behalf of Fidelity International, with Montagu Evans acting for Goodman Property Investors.