Clerical Medical Investment Management has sold the remainder of its £106m Apsley Property Limited Partnership.
The sale is the latest in a stream of disposals from the Equitable Life portfolio, which was inherited when Clerical bought Equitable last year.
Alongside developer Frogmore, its partner in the fund, it has sold six buildings to Teesland for £28.5m, an initial yield of nearly 8%.
The portfolio is the remaining part of an original collection of 15 offices and provides a total of 150,000 sq ft (13,935 sq m) of office space.
It includes the 47,000 sq ft (4,370 sq m) Bedford Park scheme in Croydon and The Mundells, two buildings totalling 53,000 sq ft (4,950 sq m) at Sterling Court in Welwyn Garden City.
The remaining offices are located in Watford, Reigate, Woking and Milton Keynes.
The deal follows Equitable’s sale of a 75% stake in the Romford Brewery retail park for around £100m to Henderson and a £65m portfolio to Estates & General.
It is selling stakes in several limited partnerships as well as a £95m office in Victoria, SW1, and the £75m retail element of the Royal Opera House in Covent Garden.
Adrian Little, director of property investment at Clerical Medical, which manages the Equitable Life fund, would not be drawn on the future of the fund’s other limited partnerships, but said: “The concept was always to work the assets, maximise value and sell them down.
“The business plan for this particular partnership was fulfilled and the Equitable Life fund is alive and kicking.”
Eric Roseman, director at Frogmore, said: “We are on the lookout for further jvs because that seems to be the way the business is moving.”
Holley Blake and King Sturge advised Frogmore during the sale.
EGi News 27/05/02
