Lothian Pension Fund has bought Corstorphine Retail Park from Hunter Real Estate Investment Management for £16.3m.
The park in Edinburgh has recently seen extensive refurbishment, with new lettings to Lidl and The Gym Group. It has also seenlease re-gears to McDonalds, Pets at Home and Cancer Research giving an average lease length in excess of 18 years.
Lothian Pension Fund was advised by Lismore Real Estate Advisors while Hunter was advised by Sheridan Keane.
Speaking about the retail warehousing sector, Chris Macfarlane, director of Lismore, said: "Towards the end of 2022 and into this year we have seen retail warehousing yields soften, but those parks anchored by food stores and also with an element of drive-thru, located in strong urban catchments, remain robust and still offer good value.”
Lothian Pension Fund is the second-largest Local Government Pension Scheme in Scotland.
