OLIM Property Limited have bought five freehold bowling centres for £12,800,000 for their pension fund client, BAE Systems Pension Fund Trustees, from Columbus UK Real Estate Fund, L.P., managed by Schroder Real Estate Investment Management Limited. The properties, in Ashford, Peterborough, Shrewsbury, Torquay and Wellingborough, are let to The Original Bowling Company, trading as AMF, on leases expiring in 2035 with R.P.1.-linked increases. The average net initial purchase yield on the total rents of £1,006,995 from 13 August is 7.44%.
Tudor Toone, Montagu Evans and Wragge Lawrence Graham acted for the vendor and Kitchen La Frenais Morgan, Cooper Rose and Shepherd & Wedderburn for the purchaser.
Contact Ben Rose or Giles Cooper.