The mixed portfolio consisted of 20 properties, nine of whichare central London offices in the City, West End, Midtown, Eustonand Southwark. The new fund intends to focus on asset enhancementopportunities, and a number of the office buildings are candidatesfor refurbishment. Jones Lang LaSalle advised on the purchases andwill be responsible for active management of the properties.

Underpinning the asset enhancement opportunities is a secureincome stream, with more than two-thirds of the income streamsecured for more than 15 years. The acquisition has been financedby Lehman Brothers and the German bank HVB.

Mark Morris, Head of Private Client Real Estate at Jones LangLaSalle said: 'The portfolio provides outstanding characteristicsof both long term well secured income and excellent opportunitiesto refurbish, develop and improve many of the properties. We havegot a further £500 million ($710 million) to spend immediately andwe are actively seeking investment opportunities as we speak.'