Scottish Widows complete £26m Broad Street Acquistion

London, 25 October 2011 – CBRE has completed the £26 million acquisition of a prime retail parade at Reading’s Broad Street on behalf of Scottish Widows Investment Partnership (SWIP). The price represents a net yield of 5.52%

SWIP, one of the United Kingdom's largest asset management companies with more than £135 billion of funds under management, has acquired the six properties at 54-60 Broad Street and 109-117 Friar Street from Ropemaker Properties.

The shopping destination, which is anchored at its east and west ends respectively by The Oracle and Broad Street Mall enclosed shopping centres, is home to leading brands John Lewis, Bhs, Boots, H&M, Superdrug, Marks & Spencer, Next, Sainsbury's, and Schuh.
Peter Arduino, Head of High Street Capital Markets, CBRE, commented:
“CBRE is delighted to acquire this prime high street parade in a top retail centre for Scottish Widows. The scheme offers clear asset management opportunities in the medium term.”
Ewan Cameron, Investment Manager – SWIP, commented:

“This acquisition represents one of the largest transactions in the High Street market in 2011 and demonstrates CBRE’s desire and ability to acquire prime, well-let assets in top retail centres in the UK.”
Griffiths Eccles acted on behalf of Ropemaker Properties.