Scottish Widows Investment Partnership's Property Trust has acquired a retail property on Oxford Street in London. The investment volume of £76 mln (EUR 87 mln) reflects a net initial yield of 4.27%. Alexan, the vendor of Sedley Place, was advised by CB Richard Ellis.

Sedley Place is a prime retail asset situated on Oxford Street and located close to Bond Street underground station. Retailers Forever 21, Disney, Footlocker and Zara all have flagship stores within close proximity.

The property is fully let to eight tenants, with about 85% of the income secured to Boots for over 13.5 years.

CBRE said that rental growth expected at Sedley Place during the next rent review in 2014. This is based on rental growth seen on Oxford Street over the past 12 months, most notably Desigual's new letting at 360 Oxford Street which is directly opposite Sedley Place.

Angermann Goddard & Loyd, and Douglas Stevens advised SWIP.