Miller sells Hungarian outlets to Morley Fund Management for £70 mln
Monday, September 11, 2006, 10:29
The center, which was a joint venture with Raiffeisen Property Zrt, was the first factory outlet to open in Hungary. Tenants include Nike, Adidas, Puma, Levi's Dockers, Calvin Klien and Morgan. “We have been developing outside the UK for over eight years with this business model and as we increase both our development and investment activities throughout Central and Eastern Europe, partnerships with local companies will be key to our continued success," the independent Scottish paper cited chief executive Phil Miller. The deal represents a net initial yield of 6%.
Morley Fund Management was buying on behalf of its Aviva Central European Property Fund (ACEPF). The center currently has two completed phases, with a third planned. The first phase was made up of 52 units across 145,300 square feet, while the second phase has 30 units over 51,600 square feet. “This is the first retail asset Morley has acquired for ACEPF and we are pleased to have acquired such a high quality property, particularly after the marketing attracted a significant number of interested parties. We believe it will deliver a good return for our investors over the long term," Julian Taylor, a fund manager at Morley said. Established more than 30 years ago, Miller Developments, a division of Miller Group, is one of the UK's leading commercial property development companies. Through its national and European office base, Miller Developments manages large-scale property development programs throughout the UK and in Europe.
Morley Fund Management is a wholly owned, independently managed UK-based asset management business of Aviva plc, which is one of the world's largest financial services groups with over £291 billion of assets managed worldwide. (portfolio.hu)