Scottish Widows’ UK Balanced Property Trust has acquired a portfolio of 6 properties for £24.78m.

Scottish Widows’ UK Balanced Property Trust has acquired a portfolio of 6 properties for £24.78m.

The portfolio comprises offices in Bristol, Cardiff and Glasgow, a warehouse

unit, also in Glasgow, a mixed office and industrial estate in Kearsley in Bolton and a shop in Kensington, west London.

The purchase price reflects a net initial yield of approximately 5.9%.

The acquisition, which was funded entirely out of cash resources, continues Scottish Widows’ strategy of maintaining a diverse portfolio of assets and tenants with opportunities to add value through asset management. The acquisition also increases the portfolio weightings in the office and industrial sectors while slightly reducing the trust’s exposure to the retail sector.