Rockspring Property Investment Managers has acquired Mole Business Park, Leatherhead, UK from Hermes Real Estate Investment Management Limited (HREIML). The transaction price amounted to £38 mln (EUR 44 mln), reflecting a 7.3% net initial yield.

The purchase - which was made for Rockspring Hanover Property Unit Trust - follows the successful raise of £70 mln from new global blue chip institutional investors.

Mole Business Park, situated in Leatherhead town centre, comprises 245,000 sq ft (23,000 m2) of commercial space, arranged over 19 industrial units and three office buildings.

RHPUT is the longest established property fund in the UK, having been formed in 1967 as an open ended, balanced fund focused on UK assets. It seeks to offer investors long-term, above-average performance by investing in core and core plus assets, which offer above average income returns that can be enhanced through active management. The fund has a net asset value of £470 mln.

Lambert Smith Hampton acted for Rockspring and Strutt & Parker represented the vendor.