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SWIP Property Trust purchases £66m retail park

30th September 2009 Print
Scottish Widows Investment Partnership Property Trust (SWIPPT) has purchased Hermiston Gait, Edinburgh's foremost retail park, at a cost of £66 million. The move follows SWIPPT's recent purchase of three prime properties in Leamington Spa, Nottingham and Leicester.

Gerry Ferguson, manager of the SWIP Property Trust, is taking advantage of high liquidity to purchase quality assets for the fund.

Ferguson comments: "SWIP believes that good buying opportunities are beginning to emerge in the UK commercial property market and now is the time to reap the rewards. Hermiston Gait is exactly the type of asset we are actively looking at and it fits perfectly with our strategy of investing in core long lease stock.

"Hermiston Gait is a 300,000 sq ft retail park which includes a 75,000 sq ft Tesco and 102,415 sq ft B&Q. Such occupiers, along with the transport infrastructure at the park, demonstrate the attractiveness of the retail park and its long term investment potential."

The SWIP Property Trust is currently delivering an income of around 4% and continues to outperform its peer group, achieving a top quartile return over the last three years and ranking 2nd quartile over one year. The Trust was also recently recognised at the Money Observer Fund Awards with a ‘Highly Commended' in the Best Property Fund Awards 2009.