LONDON-Two pension funds have put together a big investment deal on a muli-let industrial estate in Southampton, Hampshire. The deal reflects a net initial yield of 7.9%.

Diageo Pension Fund, advised by FPDSavills, has sold its freehold interest in The Quadrangle, Abbey Park Industrial Estate, Romsey, Southampton for £9.4 million ($13.25 million) to Coal Pension Properties, a client of LaSalle Investment Management. LaSalle Investment Management Ltd was advised by DTZ Debenham Tie Leung.

Completed in 1990, The Quadrangle comprises 126,283 sf of space over 11 units. Tenants include PIC Fyfield, Garmin (Europe) Ltd, Rentokil Initial services, BET Plc and Secro-Ryan. They generate average rental levels of between £5.40 ($7.25) per sf and £6.96 ($10) per sf.

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