LONDON-Earlier than they intended, AEW Europe and Tristan Capital Partners used their fund European Property Investors Special Opportunities LP to sell five industrial logistics properties for $191 million. London & Stamford Plc, a local REIT, bought the nearly one million square feet of distribution facilities.

The tenants include Pearson, Royal Mail, Ceva Freight, the Metropolitan Police, and Kuehne and Nagel, representing an average lease length of almost 12 years. King Sturge represented the fund in the transaction. The annual rent roll is $13.5 million, of which 67% is from four buildings located within the M25 in west London, close to Heathrow, the remaining income derives from a unit located in Rugby, within the Midland's 'Golden Triangle' for distribution assets.

Ric Lewis, CEO of Tristan, said the fund had bought the properties at the peak of the downturn for $151 million, and hadn’t planned on unloading them so quickly. “We intended to hold these assets in the fund for quite some time, but the financial advantages to the fund of agreeing to this sale were too compelling,” Lewis said in a statement.