A property investment vehicle has used its success as a top performing fund to make a series of high-value acquisitions, it has been announced.
Asset management firm Standard Life Investments (SLI) has completed a series of acquisitions worth £155 million for one of its top performing funds.
Property investment vehicle the Long Lease Property Fund was found to be the best performing fund in the IPD UK PPFI All Balanced Fund sector with a return of 4.2 per cent per year.
This meant SLI could move to make purchases such as the £50 million acquisition of 88,000 sq ft of grade A office space and landmark in Glasgow, as well as the purchase and leaseback of a Tesco store in Colchester for £43 million.
Richard Marshall, fund manager for the Long Lease Property Fund at SLI, said the group was delighted to use its success to diversify the portfolio in this way.
"The fund continues to provide attractive returns relative to gilts, and our in-house research demonstrates that property over the last decade has proved to be a good hedge against inflation," he added.
Earlier this week, the SLI investment director Andrew Jackson told City Wire that commercial property assets will fall in value by up to five per cent this year, as the market enters a "triple dip".
Posted by Pete White.
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