ING Real Estate Investment Management UK, advised by Strutt & Parker, has purchased Lakeside 5000, Cheadle Royal Business Park, Manchester, from Pheonix Life for £8.7 million, reflecting a net initial yield of 7.5%.

The purchase is the first made by ING REIM on behalf of the Skandia Property Fund since July 2007. The headquarter property, constructed in 2004, consists of 36,783 sq ft spread over three floors and is let to Umbro Ltd (guaranteed by Nike Inc) on a 10 year lease from June 2009.

Guy Spencer, partner of Strutt & Parker’s National Markets - Investment team comments:

“Lakeside 5000 provides Skandia with a secure income return and guaranteed improvement on the running yield from the annually received fixed uplifts of 2.5% per annum.”

-Ends-