UK firm Palmer Capital has formed a £25 mln (EUR 29 mln) joint venture to buy quality real estate across the UK in the £1 mln to £10 mln size range. The partner in the Palmer Flemmings Property Partnership is Flemmings Financial Services, a UK financial advisor with a high net worth international client base, with a particular focus on Africa and the Far East.

The fund has already completed its first deal - the acquisition of a Sainsbury's store in Tonbridge, Kent. The asset is let for 15 years at an RPI linked rent for £1.35 mln, reflecting a net initial yield of 5.25%.