The acquisition will increase Estates & General's asset base by 62.3% and will be financed through existing and new debt facilities.

Two of the properties are in Bracknell, Berkshire: the 59,562-sf Avis House, let to car rental company Avis Europe on a lease expiring in 2015, at an annual rent of £1.53 million and the 50,954-sf Millennium House, let to the US pharmaceuticals research company Quintiles on a lease that expires in 2012 at £1.08 million ($1.5 million) per annum.

Also included is Liongate, a 43,678-sf property in Guildford, Surrey let to US petro-chemical company UOP until 2014 at £1.3 million ($1.8 million) per annum. And the final property is Sapphire Court, a 77,656-sf office building in Coventry, Warwickshire, let to a subsidiary of the German pharmaceutical company Gehe until 2022 at £1.10 million ($1.55 million) per annum.

Estates & General Managing Director Roger Dossett said: 'Estates & General is a very ambitious company. This deal is a major step in growing the scale of our property portfolio. The buildings are all in good locations and let to strong covenants that offer excellent opportunities for further growth.'

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