Fund buys Swindon store

Friday, 8th February 2013

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Fund manager Cordea Savills has acquired three foodstores for £8m on behalf of its UK Income and Growth Fund, including a site in Swindon.

The portfolio includes two properties let on long-term leases to the Midcounties Co-operative in the Taw Hill area of Swindon and Bure Park in Bicester, Oxfordshire.

There is also a supermarket in Brackley, Northamptonshire, included in the deal. It is currently let to Waitrose and the fund manager said it has the potential to enhance value in the medium term through redevelopment.

George Tindley, head of UK investment, said: “Our stock selection is focused on safe and reliable income streams with the aim of delivering a minimum 5 per cent income distribution to investors with potential to outperform in the medium term.

“All three of the assets have negligible risk of default income and guaranteed growth via RPI-linked or fixed uplifts.”

The fund now has ten assets worth £88m.

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