UK - Schroder Property Investment Management is acquiring the Cortonwood Retail Park in Rotherham from St Paul's Developments for £46.5m.
Schroders – on behalf of its Hercules Property Unit Trust – will complete the acquisition of the retail park in November, which will boast a total space of up to 226,000 sq ft.
St Paul’s is currently building an additional 91,000 sq ft of retail space. Its new tenants will include Boots, Next and Argos.
The Hercules fund currently has over 24 pension fund clients – including the £15bn Universities Superannuation Scheme. Its portfolio includes 24 retail parks valued at £1.87bn, covering 4.8m sq ft.
The fund was launched in September 2000 as a closed-ended Jersey property unit trust, which invests in properties in major retail warehouse or shopping park locations.
Its objective is to return 1% above the Investment Property Database Retail Warehouse Universe Benchmark.
The British Medical Association (BMA) has warned chancellor Philip Hammond to reform the NHS pension scheme rules or doctors will reduce their working hours.
The lifetime allowance should be scrapped and replaced with a lower annual allowance, last week's Pensions Buzz respondents said.
Action for Children Pension Fund has outsourced its pensions administration to Trafalgar House.