CO-OPERATIVE Insurance Society has sold a part of its property portfolio to Warner Estates for £ 159 million.
The portfolio includes seven regional office investments throughout the UK, the Royals Shopping Centre in Southend and seven smaller office properties totalling £ 172 million, together with 105 leasehold liability properties accounting for £ 13 million.
Stephan Pater, Chief Operating Officer for CIS, commented: "This sale has provided a number of positive benefits for our business.
"It helps us realise our improved customer service model, which uses teams of local financial advisers backed up by modern, centralised customer contact and support centres."
A CIS spokesman told the News: "The properties formed part of our long-term life fund and our medium to longer term investment property strategy is to re-balance the asset mix from a current weighting which is quite high in terms of retail property to a much more balanced portfolio which will include more industrial and warehouse properties.
"This move allows us to do this, and realise clear property gains at the same time."