The portfolio comprises seven retail properties and three single-let office buildings in Bracknell, Leatherhead and Stockley Park, totalling 170,000 sf. The offices are let on terms with between 11 and 14 years remaining to IGE Energy Services in Bracknell; Logica CMG in Leatherhead and Apple Computer at Stockley Park.

This acquisition is the second purchase for the fund's £250-million ($460-million) UK investment program that started in August 2003. Its first purchase was the acquisition of four distribution warehouses from Hermes for £47.3-million ($87 million) reflecting a net initial yield of 7.55%.

Strutt & Parker advises the fund, and partner Mike Rowlands says: "Return on UK commercial real estate investment is strong, and this second portfolio acquisition in the fund's £250-million investment program represents a continued enthusiasm for the UK market. The acquisition of a South East office portfolio fits with the fund's strategy of acquiring high quality well let space while bringing a balance to the overall investment portfolio." He says the fund planned to invest a further £150 million ($280 million) in the coming year.