Orion and Castlebrook sold by Standard Life

Orion Business Park in Stockport and Castlebrook Business Park in Bury have been sold to Kames Capital as part of the disposal of a £34m portfolio by Standard Life Investments.

The portfolio is made up of six regional assets which total more than 450,000 sq ft of out-of-town commercial offices.

Alongside the parks in Bury and Stockport, the sell-off includes Dunedin House in Stockton-On-Tees, Northern Commercials in Brighouse, Tachbrook Park in Leamington Spa and Manor Court in Exeter.

David Stewart, fund manager of the Standard Life Investments Pooled Pension Property Fund, said: "The sale of these assets reflects the fund's strategy to divest the portfolio of smaller out of town regional offices and other non-core assets. The proceeds from the sale will be recycled back into larger, predominantly prime assets."

Philip Bach, property fund manager at Kames Capital, said: "We are pleased to have acquired these six assets for Kames Capital's active value property portfolios. The properties fall within our Active Value strategy of acquiring smaller, higher yielding assets with good asset management potential."

Standard Life Investments was advised by Whitaker Horton and JLL advised Kames Capital.

Your Comments

Read our comments policy here