The Bishopsgate Long Term Property Unit Trust Fund, advised by Cordea Savills, has made its second and third acquisitions with the purchase of a Tesco food store in Stroud and a hotel/office complex in Cardiff, the UK.

The Bishopsgate Long Term Property Unit Trust Fund, advised by Cordea Savills, has made its second and third acquisitions with the purchase of a Tesco food store in Stroud and a hotel/office complex in Cardiff, the UK.

The food store was purchased for £29 mln (€34 mln) at a 4.9% net initial yield. The acquisition was structured as a sale and leaseback to Tesco with a 20-year rental agreement.

The other asset, Helmont House in Churchill Way, Cardiff, was purchased for £23 mln at a net initial yield of 8.00%. It comprises a Premier Inn Hotel and a refurbished multi and fully-let office.

'Both purchases are in line with the fund’s strategy of having a strong focus on secure income, quality covenants and investing in assets with the prospect for capital growth in the medium term,' the company said in a statement.

Since launch in November 2012 the fund has invested a total of £85 mln with a further £28 mln under offer. It has capacity to deploy a further £200 mln in 2013.