O Twelve Estates, the Guernsey-domiciled, closed-ended investment company, has completed a £50m investment spree on three assets in south-east England
The three acquisitions bring O Twelve’s total portfolio to more than £220m.
The investment company, which is advised by David Tye’s Rugby Estates, has bought Pedham Place Industrial Estate in Kent from Swedish pension fund Alecta for £25.8m off a net initial yield of 6%.
O Twelve has also bought the Mall Shopping Centre in Dagenham from London & Associated Properties for £18.7m, reflecting a net initial yield of 5.4%.
Principal tenants include Wilkinsons, Boots, Peacocks, Superdrug and the Post Office. The vendor was advised by Gooch Cunliffe Whale and Lewis & Partners; O Twelve was advised by Jackson Criss.
The final acquisition was of Inspira House in Welwyn Garden City, Hertfordshire. The 24,500 sq ft (2,276 sq m) office property has been purchased from a private vendor for £4.75m, reflecting a net initial yield of 6.5%. It is let in its entirety to GE Transportation Systems on a lease expiring in 2016. O Twelve was advised by CB Richard Ellis.
Phillip Rhodes, chairman of O Twelve, said: ‘These purchases mark a significant advance in assembling the company’s portfolio in the Thames Gateway target area. With the recent purchase of Grove Farm Retail Park, announced on 2 March, we have made £62m of acquisitions in the past week.’
David Tye, chairman of Rugby Asset Management, the property adviser to O Twelve, said: ‘These acquisitions reinforce our initial vision of building up a diversified portfolio to the east of London to benefit from the regeneration of eastern London for which the Olympic Games are a major catalyst.’