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LONDON-Scottish Widows Investment Partnership, on behalf of The UK Balanced Property Trust, has sold Phase III of the St Catherine’s Retail Park, Perth, Scotland, to a private investor. Capitalising on the strength of the current market and, in particular the popularity of the retail warehouse sector, the Trust sold the property for £10.25 million ($17.8 million) which reflects a net initial yield of 5.5%.

The open A1 park comprises three units totalling 40,276 sf and is let to Comet, Brantano and TK Maxx. Michael Cunningham, Lead Fund Manager for the Trust, said: “We wanted to take advantage of the current market to lock in profits and raise funds to reinvest in higher yielding properties where we see better value.”

King Sturge advised the purchaser, while FPD Savills acted for Scottish Widows Investment Partnership.

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