UK - The Universities Superannuation Scheme (USS) has made another retail acquisition in the UK, taking its total UK real estate investment in 2009 to £300m (€327m).
The pension fund has secured a prime retail holding in Solihull town centre, in the West Midlands of England, for £11.45m.
Occupying a prominent location in the heart of Solihull‘s shopping district, the site comprises of a parade of seven retail units fronting the pedestrianised High Street and Mill Lane. The units, totalling 5,718m square metres of retail space, is leased to six national multiple retailers: Space NK, Ann Summers, Phones4U, The Body Shop, H Samuel and The White Company.
USS said the properties benefit from high footfall and pedestrian flow sitting between the Touchwood and Mell Square Shopping Centres.
Graham Burnett, head of property at USS, said: "This excellent purchase continues our rebuilding programme taking the funds new investment to over £300 million in 2009. We are pursuing other opportunities including further acquisitions in the retail sector."
Jones Lang Lasalle represented USS and Rowley Hughes Thompson acted for sellers London & Associated Properties.