"We were attracted by the rare quality of this portfolio," saysJeff Giller, LRP's co-managing partner and CIO. "The assets weacquired interests in are predominantly core-quality propertiesthat are leased to credit tenants and, therefore, will generatesubstantial recurring cash flow."

The latest deal gives LRP interests in 10 different propertyunit trusts comprising 200 retail, office and industrial propertiesacross the United Kingdom. The trusts are some of the largest inthe UK and include the Hercules PUT; the Lend Lease RetailPartnership, which owns part of Bluewater shopping mall in Kent;Morley's Paddington Central JPUT; and Grosvenor's Festival Placeand shopping center funds. "We were attracted by the rare qualityof this portfolio," says Jeff Giller, co-managing partner ofLRP.

Scott Landress, co-managing partner and chief executive,describes the transaction as the largest of its kind in thesecondary real estate market. "This is a significant milestone forboth Liquid Realty Partners and the real estate secondaries marketin general," he says. "With this acquisition, we have again provenour ability to complete large, complex transactions withsophisticated investors, while further demonstrating the growingdemand for exits from private real estate fund commitments. Asprimary capital commitments to real estate funds continue to grow,investor demand for liquidity and the ability to actively managetheir holdings follows. Now institutional real estate investorshave a reliable secondary exit available."