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Recent investment Transaction

SWIP sees value at Valley in £80 million swap deal with British Land

31st March 2011

Scottish Widows Investment Partnership, advised by ESH, has completed an £80 million property swap with British Land. SWIP has bought the freehold interest in the Valley Leisure Park, Croydon for £28 million, 7.0% net initial yield. The Park, which is anchored by an 8 screen Vue cinema, adjoins SWIP's existing holding at Valley Plaza Retail Park. Now that both schemes are under the same ownership the opportunities for asset management and re-configuration are much greater. As part of the transaction SWIP has sold the Mayflower Retail Park in Basildon for £51 million reflecting a net initial yield of 5.9%. The swap required a cash investment of £23 million from BL.