LONDON-Dutch investor, the Ibus Group, has bought a high street retail portfolio from Scottish Widows Investment Partnership for £23 million ($36 million). The acquisition includes stores in York; Windsor; Eastbourne; Norwich; Bromley and Brighton and reflects a net initial yield of 6.9%.

The portfolio currently produces a total rental income of £1.675 million ($2.65 million) per annum, but with ten rent reviews outstanding. Overall, the 30 tenancies have an average of 10 years unexpired. Tenants include Orange; Boots the Chemist; WH Smith; TieRack; Carphone Warehouse and Body Shop.

Ibus is a privately owned Dutch investment company with assets in the UK; USA; France and the Netherlands. Over the last 12 months it has sold all of its UK office investments, raising £17 million ($27 million). Its UK investment portfolio now comprises £20 million ($32 million) of residential investments; a £4 million ($6 million) residential development site and the newly acquired £23 million ($36 million) retail portfolio.

CB Hillier Parker advised The IBUS Company, while Scottish Widows was advised by Lewis Ellis.

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