A portfolio of 14 petrol stations has been sold to a Middle Eastern investor for £30.9m.
According to Property Magazine International, investment manager Aerium sold the portfolio to Shiekh Ahmed Bin Nasser Al-Thani, who was advised by Investra Capital. The sites are let to Co-operative Group for 12 years generating rent of about £2m a year, and they are operated by Co-operative Group and Petrogas. Aerium said that eight of the sites had recently been totally redeveloped, one had been extended and five refurbished.
Robin Carr, fund manager at Aerium, said: "This is a high-quality portfolio with a strong covenant and the benefit of fixed annual rental uplifts, which will continue to be a sound investment asset while also delivering good-quality, long-term income."