SWIP Property Trust purchases prime properties across UK

SWIP Property Trust (SWIPPT) continues to identify opportunities in the UK commercial property market.

The Bridge on the Royal Mile in Edinburgh is situated in a prime location in the heart of the City's Old Town and includes two retail units, two restaurants, a banking hall and the five star boutique Missoni hotel.  The Bridge property was purchased for £41m showing a net yield in the region of 6%.

Gerry Ferguson, head of UK property fund management for SWIP, said: "SWIP believes that the market has become increasingly competitive as more buyers target a limited supply of properties.  Strong relationships with our contacts in the industry have allowed us to continue to purchase properties that meet with our strategy of investing in core, quality property with long secure income.

"The Bridge on the Royal Mile is an exciting opportunity providing a diverse income stream which benefits from an excellent location in a major tourist and business destination in the City of Edinburgh.  Despite the challenging economic conditions, SWIP believes Edinburgh has fared well relative to other UK markets, being one of the principle global tourist locations and a worldwide heritage centre. This latest acquisition will deliver long-term benefits to the fund and we'll continue to look for opportunities in the market with the aim of maximising the total return from the portfolio."

Citywire rated SWIP fund manager, Gerry Ferguson has been actively investing in a number of prime properties across the UK taking advantage of high liquidity to purchase quality assets for the fund.

Continuing its acquisition trail, the SWIP Property Trust has also purchased The Moor Estate in Sheffield for circa £26.5m.  Well-located on the main shopping spine of the city centre within the core area, The Moor Estate comprises 24 acres of predominantly retail property with some office, leisure and car parking. 

A key component of the Estate is a cleared development site (known as Block 6) which is the chosen location of the City's new 200 stall central indoor markets, which will replace the historic Castle Market, and for 83,000 square feet of retail space both of which have detailed planning consent.

Gerry Ferguson, head of UK property fund management at SWIP said: "We are pleased to have secured this property, which is viewed as a long-term project for the SWIP Property Trust.  It offers the prospect of adding value through redeveloping on a phased basis and therefore fits very well with the fund strategy of acquiring properties with strong income growth potential."

Since the middle of 2009, the SWIP Property Trust has committed over £600 million to the commercial property market.