Standard Life Investments has acquired a Tesco superstore in Congleton, Cheshire, for £21m on behalf of the £300m Standard Life Investments UK Property Fund.
The Tesco comprises 49,300 sq ft with 300 car parking spaces – an area of around 4.5 acres in total. The site is leased to Tesco for 20 years.
Nigel Chapman, manager of the Standard Life Investments UK Property Fund, said: “The purchase reaffirms our commitment to increase the distributable yield of the fund and to protect its income from the effects of inflation – achievable as the lease has an annual rent indexation in line with RPI.”
Strutt & Parker acted for Standard Life Investments; Morgan Williams advised Tesco.
annabel.dixon@estatesgazette.com
