RREEF has today bought a five-building portfolio from Doughty Hanson for £23m

RREEF, the property investment management arm of Deutsche Asset Management, has purchased the Caudwell Portfolio for its third UK property ventures fund.

The office and industrial buildings are in the Midlands and are let to tenants such as Transco, Caudwell Logistics, Vodafone, Phones4U and Pipex. They have various asset management and development opportunities.

The deal reflects a net initial yield of 6% and includes around 20 acres (8.1 ha) of development land.

James Petit, head of RREEF UK investment management, said: ‘The acquisition of this portfolio is a prime example of how RREEF is able to extract interesting off-market venture opportunities in an increasingly difficult buying market.’