The Bridge Complex in Edinburgh Bought for £41m

“ SWIP Property Trust (SWIPPT), with Ryden acting, has paid £41m for The Bridge on The Royal Mile, Edinburgh, showing a net yield in the region of 6%. ”

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(iRealtyWire.Org) – SWIP Property Trust (SWIPPT), with Ryden acting, has paid £41m for The Bridge on The Royal Mile, Edinburgh, showing a net yield in the region of 6%. The property is situated in a prime location in the heart of Edinburgh’s Old Town and includes two retail units, two restaurants, a banking hall and the five star boutique Missoni Hotel.

The transaction represents one of the most significant investment sales in Edinburgh this year.

Gerry Ferguson, head of UK property fund management for SWIP, said: “SWIP believes that the market has become increasingly competitive as more buyers target a limited supply of properties. Strong relationships with our contacts in the industry have allowed us to continue to purchase properties that meet with our strategy of investing in core, quality property with long secure income.”

Gerry Ferguson continues: “The Bridge on the Royal Mile is an exciting opportunity providing a diverse income stream which benefits from an excellent location in a major tourist and business destination in the City of Edinburgh. Despite the challenging economic conditions, SWIP believes Edinburgh has fared well relative to other UK markets, being one of the principle global tourist locations and a worldwide heritage centre. This latest acquisition will deliver long-term benefits to the fund and we’ll continue to look for opportunities in the market with the aim of maximising the total return from the portfolio.”

Ryden represented SWIP in the purchase of The Bridge. Ford Swanson, partner at Ryden, commented: “The sale of this landmark development generated significant interest within the commercial property investment sector and attracted bids from a mix of UK institutional investors, property companies and overseas investors. The level of interest generated in this sale emphasizes the appeal of this mixed-use development, its strong underlying cash flow and also the wider market confidence in the city of Edinburgh.”

He added: “SWIPPT’s undoubted reputation as performers in the market and ability to operate effectively within defined timescales were key in securing this asset.”

- ENDS -


Notes to Editors

The Bridge Property comprises:-
A five star boutique hotel: Missoni
Two retail units leased to Gold Brothers and B&GS Landa Limited
Two restaurants, one leased to Pizza Express and the other to Ondine operated by award winning chef Roy Brett.
Banking Hall leased to Bank of Scotland

Ryden

Ryden is an independent commercial property firm operating a full-service practice. Service lines include Agency & Development, Investment & Finance, Professional, Building Consultancy, Property Management and Consulting.

The firm is headed by Fiona Morton, Managing Partner, with around 140 people, including 31 partners and 21 associates.

Ryden has offices in Edinburgh, Glasgow, Aberdeen, Leeds, Dundee and Inverness.

Some recent awards include:
• Property Week’s Industrial Agency Team of the Year (Scotland) 2009
• EGi’s Most Active Agent in Scotland 2009
• EGi’s Most Active Industrial & Distribution Agent in Scotland 2009
• EGi’s Most Active Office Agent in Scotland 2009

For more information see www.ryden.co.uk


Scottish Widows Investment Partnership
1. SWIP’s ultimate parent is Lloyds Banking Group, one of the largest financial services groups in the UK.
2. SWIP has a geographically diverse client base with alliances, joint ventures and clients in the UK, across Europe, USA, Japan and Saudi Arabia.
3. SWIP is one of the UK and Europe’s largest fund managers with £142bn funds under management (Source: Internal, as at 31 December 2009).
4. SWIP has a broad client base, managing assets for Pension Funds, Charities, Local Authorities, Life Funds, Unit Trusts, OEICs, Off-Shore Funds and Specialist Funds across all asset classes.
5. SWIP has been awarded
o Moneywise Best Specialist Sector Fund in 2008 for the Scottish Widows Latin American fund