Specialist institutional investor COREM IM has completed its second UK purchase since launch, acquiring a multi-let retail block on Broad Street, Reading from Standard Life Pooled Property Pension Fund for c.£20m. The purchase represents a yield of just over 6% and compliments the August 2016 purchase of the House of Fraser store in Leamington Spa for c£18m. Both purchases were completed in a short timeframe, utilising 100% equity.
Peter Lillington, a Director at COREM said: “We are delighted to make our second institutional investment, this time buying a prime retail block in Reading where we can apply our asset management strategy. With our experienced team, market penetration and ability to deploy capital quickly we aim to continue and expand our UK commercial investment portfolio over the coming months.”
COREM was represented by Knight Frank while Jackson Criss acted for Standard Life Pooled Property Pension Fund.
Knight Frank are on a strong run of deals on the High Street having recently completed prime sales in Edinburgh and Guildford, with additional transactions in legals, including large blocks in Putney and Farnham. Alastair Bird said: “We are busy on the High Street at the moment and this deal is a good example of the type of high quality assets we like to secure for our clients”.