Standard Life Investments (SLI) has announced the freehold acquisition of The Gateway Shopping Park, Trowbridge in the UK from developer Parkridge. The £21 mln (EUR 24 mln) transaction reflected an initial yield of 5.7% and was carried out on behalf of SLI's UK Property Fund.

The fund has reduced its cash position to 10.70%.

Completed in 2009, The Gateway comprises six retail warehouses totalling 5,300 m2 and a 226-space car park. The retail units are let to Next, New Look, Argos, Boots and Brantano, with one being vacant. Trowbridge is located south-east of Bristol.

Parkridge is to retain the Courtyard element of the Gateway scheme which comprises a mixed retail, restaurant and residential phase, together with the site to the south of the scheme which has planning permission for 56 apartments. The scheme is the second transaction completed between SLI and Parkridge in recent months.

SLI was represented by Stockford Staunton and King Sturge represented the vendor.

Managing £9.8 bn of property assets, Standard Life Investments is one of the largest real estate investors in Europe and has offices in Edinburgh, London, Paris, Boston, Toronto and Hong Kong.