In Cowley, near Oxford, Hercules has bought the freehold interest in the Oxford Retail Park and long leasehold interest in the Chiltern Business Centre from Credit Suisse Property Investment Management for £28.55 million ($46.8 million). The purchase price reflects a net initial yield of 4.37%. The 55,000-sf Oxford Retail Park has an open A1 non-food planning consent and is let to Mothercare World; Brantano; Boots; Next; Giles Sports and Burger King The Chiltern Business Centre comprises 21,500 sf of light industrial accommodation.

Andrew Jones, director at the Hercules fund manager Pillar Property, said: "This was an excellent opportunity to purchase the premier retail park in Oxford and whilst pricing was extremely competitive, the high retailer demand will push rental levels to in excess of £30 per sf.

FPDSavills acted for the vendors, while Hercules was represented by Wilkinson Williams.

Hercules has also acquired the Palace Grounds Retail Park in Hamilton, Scotland from Equitable Life for £45.2 million ($74.1 million). The purchase price reflects a net initial yield of 6.53%. Palace Grounds comprises 14 units totalling 170,000 sf with key tenants including Homebase, MFI, Comet and Scottish Power.

FPD Savills acted on behalf of Hercules, CB Hillier Parker for Equitable Life.