Edgerley Simpson Howe LLP

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Recent investment Transaction

SWIP Sells Clifton Moor Retail Park in York to ING

21st September 2010

Client’s of Scottish Widows Investment Partnership (SWIP), advised by Edgerley Simpson Howe (ESH) and Joiner Cummings have sold their Clifton Moor Retail Park (Phase 3), Hurricane Way in York to client’s of ING advised by CWM for £37.655 million, representing a net initial yield of 5.59%.

The 144,300 sq ft retail park is let to Toys R Us, Comet, JJB Sports, Mothercare, McDonalds, Argos, Currys, Maplin at rents ranging from £21 to £26 per sq ft and has been purchased by West Midlands Metropolitan Authority Pension Fund.

Jo Duffield of ESH said "The price achieved reflects the competition for this type of investment being an open consented park with a strong tenant line up. Clifton Moor is a significant out-of-town destination with two further retail parks, a VUE cinema and Tesco Extra adjacent.  The sale for SWIP’s client reflects their strategic investment criteria."

Edgerley Simpson Howe and Joiner Cummings advised Scottish Widows Investment Partnership.