LONDON-Earlier than they intended, AEW Europe and TristanCapital Partners used their fund European Property InvestorsSpecial Opportunities LP to sell five industrial logisticsproperties for $191 million. London & Stamford Plc, a localREIT, bought the nearly one million square feet of distributionfacilities.

The tenants include Pearson, Royal Mail, Ceva Freight, theMetropolitan Police, and Kuehne and Nagel, representing an averagelease length of almost 12 years. King Sturge represented the fundin the transaction. The annual rent roll is $13.5 million, of which67% is from four buildings located within the M25 in west London,close to Heathrow, the remaining income derives from a unit locatedin Rugby, within the Midland's 'Golden Triangle' for distributionassets.

Ric Lewis, CEO of Tristan, said the fund had bought theproperties at the peak of the downturn for $151 million, and hadn’tplanned on unloading them so quickly. “We intended to hold theseassets in the fund for quite some time, but the financialadvantages to the fund of agreeing to this sale were toocompelling,” Lewis said in a statement.