Two industrial properties in the West Midlands have been sold as part of a wider deal worth £226.5 million.
Legal & General Property has acquired the 'Ocean Portfolio', which comprises 12 sites including a large distribution unit on Swift Park, in Rugby.
The other 11 sites in the Ocean portfolio are in Gateshead, Leeds, York, North Wales, Bolton and Lincoln and the overall deal represents a net initial yield of 6.50 per cent.
Ocean had a quoting price of £215 million and the 13 sites had a combined annual rent roll of £15.6 million .
The transaction was conducted jointly on behalf of Legal & General's £1.7bn UK Property Fund (UKPF) and its £1.2bn Industrial Property Investment Fund (IPIF).
Matt Jarvis, fund manager of the Legal & General UK Property Fund, said: "Providing a strong alignment to the fund's strategic objectives, the impact of the acquisition will include an increase in yield and a higher weighting to good quality product in a sector we expect to outperform in the medium term."
JLL advised Legal & General Property and DTZ advised the vendor.