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 UK.

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.”

Martin Waller, UK managing director of Investra, said: “We have seen strong interest from our Gulf investors, particularly for medium to long-let assets spread across the UK market.”