Scottish Widows Investment Partnership (SWIP) Property Trust has expanded its
property investment portfolio with the purchase of two prime commercial sites in Edinburgh and Sheffield.
The Bridge on Edinburgh's Royal Mile, which is comprised of two retail units, two restaurants, a banking hall and the five-star Missoni Hotel, was bought for £41 million, showing a net yield of around six per cent.
Meanwhile, the Moor Estate in Sheffield was purchased for £26.5 million and is made up of 24 acres of retail property space, including office, leisure and car parking facilities, as well as a cleared property development site.
"Despite the challenging economic conditions, SWIP believes Edinburgh has fared well relative to other UK markets, being one of the principle global tourist locations and a worldwide heritage centre," said Gerry Ferguson, head of UK property fund management for SWIP.
"This latest acquisition will deliver long-term benefits to the fund."
In December, SWIP Property Trust purchased a £260 million commercial and industrial property portfolio from Aviva Investors.
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