h property investor Wereldhave said this morning it would exit the UK property market and spend up to €400m (£339m) on acquisitions in the next three years.
The property company has sold off most of its UK portfolio for £243m, four per cent below book value. Following these disposals, its UK assets will comprise a plot of land and a development project in Richmond, worth around £23m.
Wereldhave sold its entire US property portfolio to private equity firm Lone Star Funds for $720m (£456.8m) last month.
Additionally, Wereldhave reported full-year operating profit of €3.91 per share, down almost 21 per cent on 2011.