MCR ACQUIRES SECOND L&G PORTFOLIO FOR £10.625 MILLION
28/04/2008
MCR Property Group has acquired a second portfolio from Legal & General for £10.625 million. The 'Realm' portfolio comprises office, retail and leisure schemes in Southend-on-Sea, Poole, Blythe, Llanelli and Wolverhampton.
The 'Realm' deal reflects a net initial yield of 7.6% and is hot on the heels of MCR's acquisition of Legal & General's 'Illustrious' portfolio, which was signed less than a month ago for £33 million.
Mark Hayes, investment director comments: "To have secured this second L&G portfolio in such a timeframe is testament to our ability to recognise a good opportunity and have the necessary funds available to react quickly. The 'Realm' acquisition further establishes MCR's strong position in the marketplace, whilst illustrating our rapid expansion across the UK."
Knight Frank acted on behalf of MCR Property Group, whilst Jones Lang LaSalle advised Legal & General.