Benson Elliot has bought a mixed UK real estate portfolio from L&G鈥檚 Property Income Fund.
The private equity manager said it paid 拢132m (鈧�178.4m) for the Bentley portfolio, which includes office and retail assets.
The portfolio includes Guildford Business Park in Surrey, and The Meadows centre in Chelmsford, Essex.
James Jakeman, principal at Benson Elliot, said the deal was well-aligned with the company鈥檚 鈥渃ore competencies鈥�.
鈥淭he two assets,鈥� he added, 鈥渙ffer further value as the ripple effect of growth in central London spreads outward and gathers momentum.鈥�
L&G bought the former in 2010 from The Crown Estate.
The 260,000 sq ft scheme is let to tenants including Philips, Colgate and Ericsson.
The 200,000 sq ft Meadows centre is 91% occupied and anchored by Wilko and BHS.
Charlie Walker, fund manager at LGP鈥檚 UK Property Income Fund, said the company secured an 鈥渙pportune and timely exit鈥�.
L&G closed its second UK Property Income Fund, raising 拢403m this year.
The investment manager said the fund was backed by 16 international investors, with seven having backed L&G鈥檚 first fund, UKPIF I, which closed in 2011.
