Kingsway Retail Park, East Kilbride has been sold to Standard Life Investments UK Property Fund for £18.2 million, reflecting a net initial yield of 6.22%.  

East Kilbride Retail Park comprises 58,119 sq ft with restricted planning consent.  The four unit scheme was developed by DSG in 2005 and subsequently let to Currys, PC World and Dreams. The remaining 10,000 sq ft unit is vacant.

Notes

Hercules Income Fund (“HIF”) was created in September 2004 as a Jersey-based property unit trust. HIF invests in smaller UK retail parks and clusters of retail park property as a key sub-sector of the UK retail warehouse market. The British Land Company PLC is property adviser to HIF.