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Perth Retail Park Sold to Private Investor

LONDON-A Scottish Widows fund has raised pounds 10.25 million ($17.8 million) with the sale of phase III of the St Catherine's Retail Park, Perth, Scotland, to a private investor. The sale reflects a net initial yield of 5.5%

By Graham Parker | Updated on December 15, 2003

LONDON-Scottish Widows Investment Partnership, on behalf of The UK Balanced Property Trust, has sold Phase III of the St Catherine’s Retail Park, Perth, Scotland, to a private investor. Capitalising on the strength of the current market and, in particular the popularity of the retail warehouse sector, the Trust sold the property for £10.25 million ($17.8 million) which reflects a net initial yield of 5.5%.

The open A1 park comprises three units totalling 40,276 sf and is let to Comet, Brantano and TK Maxx. Michael Cunningham, Lead Fund Manager for the Trust, said: “We wanted to take advantage of the current market to lock in profits and raise funds to reinvest in higher yielding properties where we see better value.”

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