Protego Real Estate Investors has made the first acquisition for its UK Property Fund, launched in August 2005. Protego has acquired the freehold interest in Sol House, an office block in St. Katherine’s Street, Northampton, for just under £4.2m (e6m). The deal represents a net initial yield of around 7.1% and a reversionary yield of 7.6%.
The investment comprises a 31,000ft2 multi-tenanted office building within the town centre.
Nick Pink, Investment Director at Protego said: “This purchase is the first of a number we expect to make on behalf of the UK Property Fund in the provincial office markets over the next 12 months. Sol House provides a well-diversified income stream of rental levels which we believe provide excellent short-term growth prospects.”
The fund’s first disposal was a 17,000ft2 supermarket in Kingswinford leased to the Somerfield Property Company. The property was sold to clients of Millfield Fountain for £5m.

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