Standard Life Investments has today announced, on behalf of its UK Property Fund, the £20.675m freehold acquisition of The Gateway Shopping Park, Trowbridge, Wiltshire UK.
The purchase reduces the cash position in the Fund to 10.70% and the purchase price represents an initial yield of 5.7%.
Purchased from developers Parkridge, The Gateway Shopping Park was completed in 2009 and comprises 6 retail warehouses totalling 56,630sq ft and a 226 space car park. The retail units are let to Next, New Look, Argos, Boots and Brantano. There is one vacant unit in the development which represents an excellent opportunity for high street brands to join a first class list of retailers.
Trowbridge is the county town of Wiltshire and is located 12 miles south east of Bath and 19 miles south east of Bristol. Unlike many retail warehouse developments, The Gateway Shopping Park is located in the centre of the town’s retail offering.
Nigel Chapman, Fund Manager of the UK Property Fund, Standard Life Investments, said:
“We are delighted that we have been able to increase the Standard Life Investments UK Property Fund’s exposure to prime retail real estate. The Gateway Shopping Park provides good diversification in terms of income, reduces the cash balance held in the Fund and provides an attractive yield for investors.”
The investment objective of the UK Property Fund is to provide a return from capital appreciation and income over the longer term. The current policy of the Fund is to invest primarily in UK commercial property.
Standard Life Investments was represented by Stockford Staunton and King Sturge represented Parkridge.
Source : Standard Life Investments Press Release