U.K. property company, Workspace Group, is setting up a £100 million venture with the £2 billion BlackRock U.K. Property Fund, Financial Times reports. The new venture, BlackRock Workspace Property Trust, will buy high-yielding industrial or office buildings in and around London.

BlackRock will commit up to £79.9 million in the venture, while the London-based company will invest around £20.1 million, adds Property Week. The venture will initially be seeded with a portfolio of eight properties purchased from Workspace for £35 million. The term of the joint venture is five years with an option for two one-year extensions.

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