SWIP secures prime Oxford Street retail/office investment

Asset manager acquires 192/194 Oxford Street & 26 Market Place, London W1

Article posted: 30 May 2011

Scottish Widows Investment Partnership (SWIP) has made its first purchase, acting on behalf of HIFML UK acquiring prime retail and office space in the West End in one of the most sought after locations in Central London. SWIP took over the mandate from Invista on the HIFML UK Fund earlier this month.

The property, which is located in one of the world’s premier retail locations, is let to Russell & Bromley on ground floor and basement comprising over 75% of the total income received, with three floors of offices above. The property offers rental growth prospects given recent lettings of office space in Oxford Street West of the Circus, together with the potential for reversion through refurbishing and letting the upper floor offices, which benefit from separate access.

Fund Manager of HIFML UK, Nick Ireland, commented: “This represents a prime, liquid asset as our first acquisition for the fund, with strong rental growth prospects and a location that continues to improve as a result of the current surrounding investment including Crossrail amongst other initiatives.”

Jackson Criss represented HIFML UK in the transaction whilst CBRE represented the vendor, Great Portland Estates.

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Posted by Jules