Standard Life Investments has purchased a Tesco supermarket in Tiptree, Essex on behalf of its UK Property Fund.
The 31,000 sq ft store was acquired on a sale and leaseback from Tesco for £13.1m.
The 20-year lease is subject to annual upward-only rent reviews in line with increases in inflation, using the retail price index.
This acquisition follows Standard Life Investments’ purchase of the £9.97m Ascent Park in Harlow, Essex in December.
annabel.dixon@estatesgazette.com
