and Legal & General Property (LGP) have bought a UK property unit trust from Cordea Savills for 拢370m (鈧�473m).
The joint venture said it has now completed the deal to buy the Bishopsgate Long Term Property Fund Unit Trust at a net initial yield of 6%.
Legal & General Capital (LGC) provided a 拢142m facility to the partnership at a 40% loan-to-value ratio.
The portfolio was previously debt free.
L&G will manage the fund鈥檚 portfolio of 24 UK commercial properties for the Dutch pension fund manager.
Mathieu Elshout, senior investment manager at PGGM, said the portfolio included 鈥渨ell-located, high-quality鈥� UK assets, with 鈥渟ignificant opportunities鈥� to add value and enhance income return through asset management.
鈥淲e look forward to making similar investments in due course,鈥� he added.
PGGM and LGC are acting as limited partners, with LGP as fund manager.
The joint venture said its investment plan was to target a 鈥渟trong return through a strategy of optimising property-level business plans鈥�.
The portfolio, which is 2.3% vacant, has a bias to London and the south of the UK, with nearly 60% of assets by value in the two regions and the remaining 40% of the portfolio in major regional UK cities, including Manchester, Cardiff, Leeds and Glasgow.
