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Tuesday, January 16, 2024

SWIP buys £85m retail warehouse portfolio

Scottish Widows Investment Partnership, on behalf of Scottish Widows Unit Funds Ltd, has purchased four retail warehouse properties in Wolverhampton, Dundee, Rochdale and Sunderland.

SWIP, advised by Edgerley Simpson Howe & Partners, acquired the properties from Morley Fund Managers for a total of £85m, reflecting a net equivalent yield of close to 5.20%. The properties include B&Q; Warehouse units on long leases in Wolverhampton and Dundee.

In Rochdale, Kingsway Retail Park has a wide bulky goods consent and is let to tenants CDS The Range, Netto, Klaussner, Comet, JJB and Mcd's on leases of 19 years or over.

Pallion Retail Park, European Way, Sunderland has planning consent for open A1 non food retail and is let to Dunelm, Kwik Save, Iceland, Shoefayre and Poundstretcher with an average lease of 13 years unexpired. It is situated adjacent to Matalan, an existing SWIP holding.

Paddy Ledingham, Head of Property Sales and Acquisitions at SWIP comments: "These four properties add significant strength to our property portfolio and the purchases enable us to align our weightings through an increased exposure to the UK retail warehousing market."

Jamie Naughton of ESHP comments: "This portfolio is a sound investment with both secure long income and property that will enable us to carry out a number of asset management initiatives."

Wilkinson Williams advised Morley Fund Management.



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