Haslemere held a 50% interest in the fund, together with the Hov Investments and Ingelstorp Investments. The purchasers will continue with the existing Limited Liability Partnership structure. The portfolio included industrial estates in Tonbridge, Kent and Cardiff, South Wales; offices in the West End of London and in Woking, Surrey; a business park in Leeds, West Yorkshire and out-of-town retail investments in Leeds and Stockton on Tees, County Durham.

Haslemere Director Martyn Lewis said: 'We entered into this joint venture in the late 1990s and for us it has now reached maturity. As the asset base of Haslemere NV has grown over the life of the Beaucette portfolio, the individual properties contained in the Beaucette portfolio no longer fit with Haslemere's focus on larger assets.'

And Praedia Director Robert Harris said: 'Against a highly competitive property market, we are delighted to have acquired 12 excellent property assets in one package. This represents a significant step towards out goal of creating a £250 million UK property portfolio.'