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LONDON-GE Capital Real Estate’s joint venture with Opus Land has spent £19.025 million ($27 million) on two UK properties. It has bought a multi-let office building in Bristol and a large distribution building in Walsall, West Midlans.

In Bristol, the fund has bought Greyfriars, a landmark office building situated opposite the City Law Courts from fund manager Hermes for £13.5 million ($19.3 million). The 13-storey building was constructed in 1974. Two separate blocks totaling 107,000 sf produce £1.47 million ($2.1 million) per annum from lettings to the UK Government, AXA Sun Life, Unilever and Bristol Healthcare. King Sturge acted for Hermes and has been retained as letting agent for the building

. And in Walsall, West Midlands, the joint venture has bought the main UK distribution depot for the electricals retailer Powerhouse. The 164,000 sf building, on a site of 12.6 acres, is let to Powerhouse at £475,000 ($680,000) per annum and the lease has 17 years unexpired. Negotiations are underway to regear the lease and refurbish and extend the complex by up to 100,000 sf. The freehold was bought from Brightside for £5.525 million ($7.9 million). Mansfield Elstob Main acted for the vendor.

Richard Smith, joint Chief Executive of Opus Land said: ‘We made the decision to seek to acquire an investment portfolio which would benefit from active management to sit alongside our existing development programme. These two properties provide an ideal example of the type of stock which we are actively seeking to acquire. We have worked very successfully with GE Capital and hope that further investments will be purchased by this joint venture.’

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