UK - F&C Property Investment Management has acquired Valegate Retail Park on behalf of the £22bn Electricity Supply Pension Scheme.
The site – which was bought for £26m and brings the fund close to its benchmark in retail warehousing – has a starting yield of 6.2%.
F&C plans to improve the landscaping and external appearance of the retail park and increase rents by letting out a vacant unit.
F&C Property investment director Julian Smith said: “Property has outperformed equities and bonds in the last 12 months and acquiring Valegate Retail Park matched our investment strategy.”
Lloyds 'not entitled' to give notice
Professional Pensions is looking to update its list of pensions master trusts in the UK ahead of authorisation. Can you help?
RPMI Railpen is in the next step in the journey towards achieving cost disclosure. Victoria Bell tells Stephanie Baxter about taking part in the Cost Transparency Initiative's pilot phase
Interserve's numerous defined benefit (DB) schemes have retained a sponsor link after the company entered into administration and was sold.