The portfolio includes 16 institutional grade properties across the UK. Almost 50% of the properties are in the retail warehouse and distribution sectors. The acquisition reflects a net initial yield of 7.5%.
The deal brings Osprey's mixed commercial portfolio to £130 million ($205 million). The fund targets higher yielding smaller investment stock in the sub-£6 million ($10 million) size band, with the aim of providing investors with an income return in excess of 10%.
Osprey is currently supported by four institutional funds: the BT and Post Office pension funds run by Hermes, Clerical Medical Life Fund run by Insight Investment and Bradford & Bingley run by Henderson. Teesland's joint chief executive Paul Oliver said : "This further portfolio acquisition enables a third closing equity raising exercise to begin to attract additional investors to join the existing strong institutional line up".
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