28July 2010
Scottish Widows Investment Partnership (SWIP) on behalf of Scottish Widows Unit Funds Ltd (SWUF) has acquired the freehold interest in Jubilee Retail Park from Henderson Global Investors.
Jubilee Retail Park represents the main retail warehouse park in Weymouth and totals c.58,000 sq ft. The average lease length on the park is over 13 years and tenants include Matalan, Currys, McDonalds, Aldi, Carpetright, Pets at Home and Kwik Fit.
The property was purchased for c.£18m, reflecting a yield in the region of 6.0%.
James McLean, Investment Manager, Property at SWIP commented, “We are happy to have acquired such a high quality retail warehouse park with a secure and low risk income profile. The property fits well with our strategy of buying assets where value can be added through active asset management.”
Cameron Fraser, Fund Manager at Henderson Global Investors said, “The potential for this site was clear from the outset. We are pleased by its timely disposal which allows us to reinvest into smaller lot sizes and continue the performance of the fund.”
Lewis Ellis acted for the purchaser, CBRE for the vendor.
- Ends -
Notes to Editors Scottish Widows Investment Partnership
- SWIP’s ultimate parent is Lloyds Banking Group, one of the largest financial services groups in the UK.
- SWIP has a geographically diverse client base with alliances, joint ventures and clients in the UK, across Europe, USA and Japan.
- SWIP is one of the UK and Europe’s largest fund managers with £148bn funds under management (Source: Internal, as at 31 March 2010).
- SWIP has a broad client base, managing assets for Pension Funds, Charities, Local Authorities, Life Funds, Unit Trusts, OEICs, Off-Shore Funds and Specialist Funds across all asset classes.
- SWIP is authorised and regulated by the Financial Services Authority and is entered on their register under number 193707 (www.fsa.gov.uk).
- Investment markets and conditions can change rapidly and as such the views expressed should not be taken as statements of fact nor should reliance be placed on these views when making investment decisions. Past performance is not a guide to the future.
About Henderson Property
Henderson is a leading property asset manager with around £10.8 billion (as at 31 March 2010) of property funds under management across Europe, Asia and the US. The property team comprises over 180 staff based in offices across Europe, Asia and the US. The company has offices in London, Frankfurt, Milan, Paris, Amsterdam, Vienna, Luxembourg, Madrid and Singapore and Chicago. It also has additional asset management capabilities through a joint venture in Hamburg.
The property business manages pooled and segregated accounts which invest in properties offering core and value-added returns. In addition to investing across all commercial sectors, the property business also manages funds with sector specialist and/or regional themes. Henderson’s property business includes a market-leading research capability. Twice yearly the in-house research team carries out analysis and forecasts for over 800 local markets across Europe. www.henderson.com/property
Lewis Ellis LLP
Lewis Ellis LLP is a leading niche investment practice providing sales, acquisition and asset management advice to a focussed client base including institutions, property companies and developers. Since its formation in 1993, the Partnership has transacted in excess of £15 billion of property assets across all sectors.
For further information please contact:
Kahrene Lawrie or Alison Robb, Media Relations, SWIP, 0131 655 8282
www.swip.com/media
Gemma Bradley, Henderson Global Investors, 020 7818 4441
www.henderson.com
