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LONDON-The Associated British Foods pension fund has bought the freehold of Francis House, 112 Hills Road, Cambridge from Prudential for £9.455 million ($13.33 million), representing an initial net yield of 6%.

Francis House is a 35,348 sf office building, let to the law firm Mills & Reeve, at current rent of £600,000 ($846,000) per annum, subject to rent reviews in March 2004 and 2009.

John Studd of Chesterton Property Investment Management, who advised Associated British Foods Pension Trustees, said: ‘The investment provides enduring accommodation securely let for a further 13 years to a leading regional solicitors practice in a centre that continues to experience above average growth. It offers an initial yield which compares favourably with other asset classes with the added advantage of a substantial uplift upon review in three years time.’

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