Chancerygate Asset Management Buys Invista Flare Assets

摘要

Chancerygate asset management, led by Chancerygate chairman Andrew Johnson, has exchanged contracts to buy Invista Real Estate Management's Flare retail warehouse portfolio for ￡50m.The asset manager has set up two funds with ￡45m and ￡75m of equity and aims to borrow to buy ￡300m of assets, as directors Johnson, Richard Melhuish and Eddie Cook believe it is a good time to buy.The Flare portfolio comprises three bulky-goods parks and one retail warehouse. It was put on the market last October, and the price was reduced to ￡37.5m, which reflects a net initial yield of 10%.Johnson said: 'We believe that we are in one of the best buying periods for UK commercial property. Yields have moved out and there is real value to be had.'