UK - Gresham Property Partners - the recently launched opportunity fund managed by Schroder Property Investment Management - has completed its first purchase.
Gresham has acquired 3 office buildings in Sutton Town Centre, Raffety House and Sentinel House from Longford Securities and Equities for £14.275m, reflecting a net initial yield of 10.33%
Upon lease expires, Schroders believes the site provides residential, retail and office opportunities and plans to progress the design of a major mixed use scheme with a development partner.
Tudor Toone advised Schroders and Chesterton represented Longford.
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