WORLD PROPERTY CHANNEL ®

Bentall Centre mall, London

(LONDON, ENGLAND) -- Believing the commercial real estate market in London is turning positive again, Meyer Bergman Group has bought a 50 percent stake in a London mall for 130 million pounds ($196 million USD) from Aviva (AV.L),

The privately held real estate investment firm cited good value in the United Kingdom retail market, even after a run-up in values, Reuter reports.

In a prepared statement, the company, formerly part of the Dutch MAB Group, said it will undertake asset management initiatives at the Bentall Centre, in south-west London, in partnership with Aviva Investors Global Services.

"We believe that despite the increases in value seen in the last quarter of 2009 and early 2010, the UK retail market still offers good value," says Meyer CEO Markus Meijer.

Meijer says the transaction "provided (Meyer Bergman) a disciplined approach to assessing acquisitions."  He says the partners will work to install " a proactive asset management strategy" in the property.

Markus Meijer

UK commercial property values rose 1 percent in January, the sixth-consecutive monthly gain in capital values, according to Meijur.  He says the strong market rebound followed a 45 percent plunge in values between June 2007 and August 2009.

"We have also started to see a number of good opportunities arising in Continental Europe and believe this trend will continue throughout 2010," he adds.

Germany's WestImmo bank funded the Meyer Bergman transaction.

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