London, 04 November 2009 – The Airport Industrial Property Unit Trust, managed by Scottish Widows Investment Partnership, has completed the disposal of Mereside Park, Shield Road, Bedfont to Royal London Asset Management for a capital value of £16.2M reflecting a Net Initial Yield of 6.78%.

The estate is fully let and has an average weighted income profile of approximately 4.5 years. Originally developed by BAA Lynton and funded by Scottish Widows plc in 1999 it extends to 116,447 sq ft and comprises 7 units over two terraces.

John Adcock, Director of Industrial Investment at CB Richard Ellis, said: “There were several Institutional bids for this estate and the price is very much a reflection of the estate’s location relative to Heathrow Airport, the quality of the asset and the considerable weight of money that is currently trying to secure prime multi-let industrial investments, particularly in the South-East.”

Stephen Imrie, Partner at Knight Frank, commented: "Royal London are delighted to have secured this high quality multi let asset after an extremely competitive bidding process. We believe that Mereside Park will prove attractive to occupiers going forward with the rental tone reflecting a significant discount to available accommodation closer to Heathrow Airport. This is a long term strategic acquisition of an asset which benefits from strong property fundamentals.

Knight Frank acted for Royal London and CB Richard Ellis acted for the Airport Industrial Property Unit Trust.