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LONDON-The Charities Property Fund has acquired an industrial investment on Whetstone Business Park, Cambridge Road, Leicester, LE8 from CAA Pension Fund for £7.95 million, reflecting a net initial yield of approximately 7.7%.

The 162,570-sf industrial property is occupied by Allied Domecq Spirits and Wines, on assignment from W H Smith, until March 2014 at a rent of £647,500 ($1 million) per annum, equating to £3.98 ($6.25) per sf. The next rent review is due in March 2004.

The purchaser was advised by Savills Fund Management, and the vendor is a discretionary client of CB Richard Ellis Investors.

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