Rockspring Property Investment Managers LLP announces that it has sold Oriel House, The Quadrant, Richmond, on behalf of the Rockspring UK Value Fund to an institutional client of Aviva Investors for £9m, which reflects a net initial yield of 6.85 percent.
Oriel House, which offers 24,000 sq ft of office and retail space, is one of five buildings that made up the 252,000 sq ft St Martin’s South East office portfolio, acquired by RUKV in February 2011 for £47.78m.
This disposal follows shortly after the £31m sale of the 90,000 sq ft Kings and Conquest House, the largest building within the portfolio, in May 2013.
RUKV was launched in 2009 to take tactical advantage of the significant re-pricing in the UK property market. The closed-ended fund has built a portfolio of retail, office and student accommodation in diverse locations throughout the UK and following this disposal, will have assets valued in excess of £420m.
Rockspring was advised by Montagu Evans and Aviva Investors was represented by Lewis Ellis.
