Scottish Widows is tipped to be buying two industrial parks in the West Midlands from Richardson Developments for around £35m.
The fund is thought to have beaten off approaches from up to a dozen interested parties in the two schemes, Parkway and Merlin Park, to agree a deal representing a yield of under 7%.
Don Richardson of Richardsons would not comment on any specific deal, but confirmed that the developer was getting interest across the board in most of its portfolio.
Merlin Park, off the M6, and the 46,450 sq m (500,000 sq ft) Parkway scheme on the Black Country New Road, are both now fully let.
Holley Blake is thought to be advising Scottish Widows.
EGi News 26/04/99
