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LONDON-The Prudential Assurance Company has paid £50 million for a 45.6% bought a substantial stake in Equiton, the specialist industrial fund set up by Brixton and Equitable Life. The sale leaves Brixton holding just 8.8%, but it will continue to manage the fund.

Equiton was formed in October 1999 as a 50:50 Limited Partnership between Brixton and Equitable Life and since then it has assembled a portfolio of 21 industrial estates totaling 1.5m sf in London and the South East. Brixton now plans to expand the fund and its target market is industrial investments in the £2 million — £12 million ($2.8 million — $17 million) price band predominantly in the South East.

The deal gives Equitable and the Prudential exposure to a specialist sector in the only third party fund with a specific South East industrial focus. Brixton has renegotiated the basis of its management fee, and it is also looking to set up similar funds for other classes of investor. Insignia Richard Ellis acted for Brixton.

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