Cube Real Estate fund makes £9.16m Surrey buy

22.09.11

Cube Real Estate's Cubemaker fund has bought a mixed retail and office investment in West Byfleet from Aviva Investors for £9.16m at a yield of just under 9%.

The 63,572-sq ft investment comprises 18 shops and more than 29,000 sq ft of fully let offices at the junction of Station Approach and Old Woking Road. The property is let to a variety of occupiers including Costa Coffee, Boots, HSBC, Thomas Cook and NatWest.

Cubemaker is a £100m UK-focused opportunistic property fund which is targeted at producing above average total returns through strategic buying, active asset management and planned exits. Its investors include BP Pension Fund's Ropemaker Properties, Staffordshire County Council Pension Fund and a number of high net-worth individuals.

The acquisition brought Cubemaker's spending to just under £20m for the year to date. It now has more than £50m of assets under management.

Cube Real Estate's Stuart Loggie commented: "Cubemaker is very active in the market at present. The West Byfleet asset suited our investment criteria, and we will be announcing further acquisitions shortly".

Jones Lang LaSalle and MSBL advised Cubemaker. HP4 acted for the vendor.

Further information:

Stuart Loggie Cube Real Estate 0845 262 5544

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