LONDON-The Portfolio Property Fund has bought 52/54 Southwark Street, London SE1 from the Milton Group for £7.9 million ($11.14 million) showing an equivalent yield of 8.65%. taking the fund value of £80 million. Of this, 70 per cent is in direct property holdings and the remainder in property company shares.
Capital & Counties acted on behalf of the fund and fund manager Andrew Hicks said: 'This acquisition continues our approach of investing in supply restricted markets in the Southeast of England where there is a broad range of occupier demand. It is a modern well specified building, which provides many opportunities for active management. Southwark has experienced significant physical improvement and continues to benefit from rapid rental growth as occupiers see it as an attractive alternative to the core Central London markets.'
Capital & Counties was represented by Strutt & Parker.
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