The owner of the St James Centre has snapped up a retail park in Livingston in a £32 million deal.
Henderson Global Investors has bought Almondvale Retail Park, which includes branches of Argos, Halfords, Hobbycraft, Currys/PC World and Pets at Home, from Land Securities for £31.9m.
Michael Neal, fund manager for the investor’s UK retail warehouse fund, said: “Almondvale presented an excellent opportunity to acquire an asset with a strong trading profile and tenant mix.
“The asset generates a high income return that will significantly enhance fund distributions at a time when the income component is likely to be a major driver of all property returns in the short to medium term.”
Henderson wants to transform the St James Centre into the St James Quarter under £850m plans.