The portfolio--known as The Rangers Portfolio--comprises 18 properties totalling 550,000 sf throughout England and Wales. The average unexpired lease length is 12 years, and the current annual income of £3.1 million ($5 million) per annum shows an initial yield of 7.5% with reversionary potential.

The acquisition follows Castlemore's recruitment of Mike Riley from Quintain Estates & Development and Nick Gregory from UBS Global Asset Management to build a £750 million investment portfolio within the next three years.

Castlemore Chairman Grahame Whateley said: "This portfolio typifies the sort of investment acquisition we are seeking to make, as it brings properties with long leases and a good income flow into our ownership."

Castlemore was advised by Franc Warwick and financing was provided by Bear Stearns.

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