LONDON-Private equity firm Liquid Realty Partners has bought a real estate portfolio from British-based Jersey Property Unit Trusts in a deal worth about euro 1.1. billion ($775 million). Liquid Realty focuses on secondary-market acquisitions, which involves acquiring stakes in private equity funds from the fund’s investors or limited partners.

“We were attracted by the rare quality of this portfolio,” says Jeff Giller, LRP’s co-managing partner and CIO. “The assets we acquired interests in are predominantly core-quality properties that are leased to credit tenants and, therefore, will generate substantial recurring cash flow.”

The latest deal gives LRP interests in 10 different property unit trusts comprising 200 retail, office and industrial properties across the United Kingdom. The trusts are some of the largest in the UK and include the Hercules PUT; the Lend Lease Retail Partnership, which owns part of Bluewater shopping mall in Kent; Morley’s Paddington Central JPUT; and Grosvenor’s Festival Place and shopping center funds. “We were attracted by the rare quality of this portfolio,” says Jeff Giller, co-managing partner of LRP.

Scott Landress, co-managing partner and chief executive, describes the transaction as the largest of its kind in the secondary real estate market. “This is a significant milestone for both Liquid Realty Partners and the real estate secondaries market in general,” he says. “With this acquisition, we have again proven our ability to complete large, complex transactions with sophisticated investors, while further demonstrating the growing demand for exits from private real estate fund commitments. As primary capital commitments to real estate funds continue to grow, investor demand for liquidity and the ability to actively manage their holdings follows. Now institutional real estate investors have a reliable secondary exit available.”

“With the UK REIT regime poised to lift off in 2007,” says Giller, “and the ongoing supply-demand imbalance for high quality real estate investments both globally and in the UK, we believe that the UK market will provide attractive returns on JPUT investments.”

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