First Property update on SIPS mandate

First Property Group has announced that the fund management mandate given to it in January 2015 by Shipbuilding Industries Pension Scheme is now 95% invested following the recent exchange of contracts to purchase a portfolio of supermarkets and a retail warehousing scheme in Southampton.

Completion of these purchases will take place later this week.

The SIPS fund will then be invested in twenty four properties at a cost of £160.7 million, producing an annualised yield after management charges of 6.3%. Total funds under management by the Group will amount to £457 million, an increase of 13% since 30 September 2016.

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