February 8, 2010
The Schroder Exempt Property Unit Trust (SEPUT) has continued its buying strategy by acquiring Interchange Retail Park, Ipswich from Scottish Widows Investment Partnership (SWIP) on behalf of one of its clients. Advised by Montagu Evans and Edgerley Simpson Howe (ESH) respectively, the freehold was acquired for £13,230,000 reflecting a net initial yield of 6.75%.
Interchange comprises approximately 60,680 sq ft (5,640 sq m), let to PC World, Curry’s, Multiyork and Pizza Hut for a further 12 years. Current rent roll is £944,150 per annum. Its immediate neighbour is a large format Tesco.
Ian Mason, SEPUT`s Fund Manager, commented that `this is a well located property with both good quality longer term income and deliverable asset management opportunities offering growth. SEPUT is carefully expanding its exposure to the retail sector and this asset fits our investment model perfectly.
Jo Duffield at ESH said “SWIP is delighted to have achieved a swift and timely sale of this asset at a price reflecting the competition for this type of stock within the market place in accordance with the Fund’s strategic investment criteria.”
