French fund acquires Scottish retail park units for £10.5m
French investment management group Epsicap REIM has acquired three units at St Catherine’s Retail Park in Perth, Scotland on behalf of its Epsicap Nano SCPI fund for £10.5m.
The fully-let units extend to 56,704 sq ft and are let to Wickes, Pets at Home, and B&M. Wickes has operated at the scheme for over 30 years while Pets at Home and B&M have unexpired lease terms of 5 years and 9.5 years, respectively.
Epsicap REIM said the acquisition is in line with the fund’s strategy of selecting European real estate assets in established locations, occupied by high-quality tenants.
Epsicap Nano’s portfolio now includes assets across France, Spain, Portugal, Scotland, England, Poland, and Italy. Assets located outside France now account for over half of the portfolio.
Florian Le Quéré, partner and head of investments at Epsicap REIM : “With this acquisition, Epsicap Nano SCPI continues to strengthen its European presence. The UK’s share of the portfolio, currently below 25%, remains controlled and could continue to grow while staying around 30%. The property itself has the fundamentals we look for in the SCPI: an established location with good accessibility, leading tenants, and diversification through its configuration as two independent buildings currently divided into three reasonably sized retail units.”
Lismore Real Estate Advisors advised Epsicap REIM.