Skandia Property fund sub adviser Nigel Pickup (ING Real Estate) is set to purchase six retail units in Ipswich for £12.35 million.
The acquisition follows Pickup's first move back into the property market with the purchase of Manchester offices Lakeside 5000 two months ago for £8.7m. Skandia Property's Ipswich purchase coincides with the first favourable returns seen in the commercial property market for nearly two years as property has failed to rally as quickly as equities. Pickup's strategy has been to keep high levels of liquidity in the Skandia fund as investors suffer falling commercial property prices, enabling the fund to pick up long term ‘bargains' in commercial property. SIG senior portfolio manger,...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes