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Daily Insurance Industry News
Wednesday 21st of November 2018
July 19, 2009

Chester Properties shows interest in Aviva portfolio

by Gill Montia

Story link: Chester Properties shows interest in Aviva portfolio

Chester Properties shows interest in Aviva portfolio

Aviva is reported to be negotiating the sale of its Project Ed portfolio to Chester Properties in what could become the largest transaction of its kind since the beginning of the credit crisis.

The portfolio, which comprises 47 commercial properties across the UK, was put up for auction earlier this year for around £800 million.

According to Property Week magazine 250 different tenancies are involved with an average unexpired nine-year lease term.

A sale to London-based Chester would enable Aviva to check exposure on its with profits funds.

Last week, the group announced that it had cut its with-profits regular bonuses for CGNU unitised policies by 0.75% on life polices and 0.5% on pensions.

The insurer also reduced final bonus rates on its with-profits policies, reporting that in the six months to the end of June its CGNU and CULAC funds decreased 3.5%; Aviva L&P by 4.1% and Provident Mutual by 0.8%.

In a statement Aviva said: “These changes are part of the prudent management of the fund, creating a balance between paying out to customers today and ensuring future performance.”

 

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