Standard Life's £20m shops spree

Published on 05/04/2011 16:26

STANDARD Life Investments has snapped up a shopping centre in Wiltshire for £20.7 million.

The Edinburgh-based investment company's UK Property Fund bought the town centre Gateway site in Trowbridge from developer Parkridge.

The purchase reduces the cash position in the fund to 10.7 per cent and the price paid gives an initial yield of 5.7 per cent.

Fund manager Nigel Chapman said: "We are delighted that we have been able to increase the Standard Life Investments UK Property Fund's exposure to prime retail real estate.

"The Gateway shopping park provides good diversification in terms of income, reduces the cash balance held in the fund and provides an attractive yield for investors."

The 56,630sq ft shopping centre, which has 226 car parking spaces on its roof, was built in 2009 and currently has five tenants - Argos, Boots, Brantano, New Look and Next. There is also one empty retail unit.

Standard Life Investments was represented by Stockford Staunton, while King Sturge represented Parkridge, which is building 56 flats next to the centre.

Trowbridge is the county town of Wiltshire and is located 12 miles south east of Bath and 19 miles south east of Bristol.