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Henderson’s UK Property Fund acquires Sainsbury’s store in Glasgow

Henderson Global Investors, on behalf of its c. £160.3 million UK Property Fund has acquired a retail asset in Glasgow, Scotland. The 9,551 sq ft building is let on FRI terms to Sainsbury’s Supermarkets Ltd for 15 years from December 2011. It was purchased for c. £2.6 million from Lochay West (Biggar) Ltd.

Henderson Global Investors, on behalf of its c. £160.3 million UK Property Fund has acquired a retail asset in Glasgow, Scotland. The 9,551 sq ft building is let on FRI terms to Sainsbury’s Supermarkets Ltd for 15 years from December 2011. It was purchased for c. £2.6 million from Lochay West (Biggar) Ltd.

The property is situated at the eastern end of the pedestrianised Argyle Street, opposite Marks & Spencers’ flagship Glasgow Store.

Cameron Fraser, fund manager for the Henderson UK Property Fund (HUKPF), commented: “This presented an excellent opportunity to acquire a prime city centre asset with an attractive yield profile for an investment of this nature, complemented by the potential to benefit from various development proposals along Argyle Street.

“The asset generates a robust income stream which should extend beyond a prolonged economic downturn. This acquisition represents an excellent addition to a strategically diversified weighted and income producing portfolio.”

HUKPF has outperformed the benchmark over a 1, 3, 5 and 10 year period. It has delivered returns of 6.2% over a 1 year period and 12.6% over a three year period. This compares to benchmark returns of 3.8% and 10.3% respectively

Savills advised Lochay West in the sale. Sanders Cartwright acted for Henderson.

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