Ian and Richard Livingstone’s Northern European Properties has bought two pan-European portfolios for €134.8m (£67m)
The company, which invests in property in the Nordic and Baltic regions, bought the portfolios from another subsidiary company of the Livingstone’s London & Regional Group - LR Nordic Properties.
The first €84m (£56m) portofolio comprises 12 industrial and logistics properties located n south and central Sweden, Poland, and Germany. The properties have an average lease length of 12 years and the yield on the purchase price is 8.1%. Around 70% debt was added to the deal.
In the second deal it bought a €50.8m (£34m) hotel portfolio comprising four Finnish hotels operated by hotel operators Sokos and Restel at a yield of 6.5%. The average lease length is 15 years and the deal was funded with 80% debt.
Northern European Properties said the deals formed a key part of its strategy to build a high yield portfolio with secure, long term tenants. The deals will complete in March.