LaSalle acquires two supermarket stores in Northern Ireland for NILGOSC
LaSalle Investment Management has completed the acquisition of two properties in Northern Ireland on behalf of the Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC) for GBP48.6m.
Both properties have long leases with two supermarket chains.
The first building, acquired in February 2012, is located on Bentrim Road, Lisburn and has a long lease with Tesco. The property, opened in 1995, comprises 85,119 square feet and includes a petrol filling station.
The second building, which was acquired in June 2012, lies on the western side of the River Foyle on Strand Road, Londonderry. The 70,973 square foot scheme, built in 1999, is currently let to Sainsburys Stores until December 2024.
David Murphy, chief executive of the pension fund, says: “NILGOSC continues to seek out strong property investments throughout the UK. The fact that our two latest additions are based in Lisburn and Londonderry is especially satisfying as not only does it indicate that there are investment opportunities in Northern Ireland as good as anywhere else but also that our pension scheme members can actually see for themselves how the Scheme invests some of its funds.”
Chris Fry, director, LaSalle Investment Management, says: “The two assets are great core holdings for the Fund, offering secure and growing income streams to strong covenants.”
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