MCR buys second L&G portfolio

MCR Property Group has acquired a second portfolio from Legal & General in as many months, paying £10.625m for the Realm portfolio of offices, retail and leisure.

Realm includes schemes in Southend-on-Sea, Poole, Blythe, Llanelli and Wolverhampton and the price reflects a net yield of 7.6%. MCR acquired L&G's Illustrious portfolio for £33m last month.

Mark Hayes, investment director at MCR Property Group, said: "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; Jones Lang LaSalle advised Legal & General.

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