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Commercial Property News
Standard Life invests in retail business property
The UK Property fund of Standard Life Investments has purchased commercial property in Glasgow.
It has acquired a retail park measuring 58,119sq ft in East Kilbride from the Hercules Income fund - a joint venture established by Hermes, British Land and LaSalle Investment Management - for £18.5 million.
Current tenants at the site include DSG Retail - which owns brands such as Currys - and Dreams.
Manager of Standard Life Investments' UK Property fund Nigel Chapman said that the purchase "will provide an appealing source of income, which is an attractive proposition given the current state of the property markets".
The current yield on the property is set at 6.5% and one unit at the park - measuring 10,000 sq ft - is subject to a rental guarantee from DSG Retail running until 2025.
Standard Life Investments, which is based in Edinburgh, has over five million clients and holds assets totalling £121.6 billion.
It has acquired a retail park measuring 58,119sq ft in East Kilbride from the Hercules Income fund - a joint venture established by Hermes, British Land and LaSalle Investment Management - for £18.5 million.
Current tenants at the site include DSG Retail - which owns brands such as Currys - and Dreams.
Manager of Standard Life Investments' UK Property fund Nigel Chapman said that the purchase "will provide an appealing source of income, which is an attractive proposition given the current state of the property markets".
The current yield on the property is set at 6.5% and one unit at the park - measuring 10,000 sq ft - is subject to a rental guarantee from DSG Retail running until 2025.
Standard Life Investments, which is based in Edinburgh, has over five million clients and holds assets totalling £121.6 billion.
Mon, 22nd Feb 2010