UK - The £12.5bn BP Pension Fund has purchased an industrial unit in Bow, London, for £2.66m.
The acquisition is part of the fund’s plan to build up a £75m portfolio of small high yielding property investments. Earlier this month it purchased six industrial properties worth £19m.
The property in Bow is let on a new 20-year lease to the Benjy’s Group and the deal reflects a net yield of 8%.
The fund, which has a further £50m to spend, is looking for industrial properties between £3m and £7m with yields at a minimum of 7.5%.
CB Hillier Parker Investors and Donaldsons represented the fund.
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