Aviva Investors is planning to carry out one of the largest disposals of UK real estate since the onset of the credit crisis, despite the market suffering from a severe drought in investment activity and an increasing belief that values may have reached their bottom.

The asset management business, which is one of the largest UK institutional investors in property, yesterday put a portfolio of 47 assets on the market through property consultant DTZ with "an indicative price" of between £750m (€835m) and £800m. It is selling the mixed portfolio of office, retail and industrial buildings on behalf of the with-profits funds of Norwich Union Life and Pensions, Commercial Union and CGNU Life.