Orchard Street Investment Management has made the first two investments for its UK Special Situations fund.
In a statement, London-based Orchard said the acquisition of The Royals Shopping Centre in Southend from Warner Estate Holdings for £30.7 million (€33 million; $45 million) at a yield of 9 percent and Meadows Retail Park in Chelmsford for £13.7 million for which the purchase yield is 7.9 percent, represented an investment of approximately 15 percent of the vehicle's total capital.
Orchard established its special situations fund in March 2008 to invest up to £300m of commercial property in all main UK sectors over the next several years. Both of its purchases complete at the end of the month.
The firm is run by four partners; Chris Bartram, Gary Felce, Phillip Rodger, and David Lee.
At the end of last year, it announced a £100 million facility with Royal Bank of Scotland.