Commercial Finance Specialists

Scottish Widows has confirmed a property deal with Corbo in Northern Ireland.

Scottish Widows Investment Partnership (SWIP) has confirmed it will add to its commercial property portfolio after it signed a £48 million deal.

The financial services group announced it has purchased the Longwood Road Retail Park in Netwonabbey in Northern Ireland from Corbo Properties.

Corbo had transformed the warehousing site into a retail centre, with over 200,000 square feet of retail space.

According to James McLean, investment manager for SWIP, the purchase will add to the company's property portfolio in the area.

"The retail park offers significant growth and added value initiatives in the future and it fits perfectly with our long term investment strategy," he added.

Last month, property developer Persimmon indicated that it was a good time for the commercial real estate market after it revealed pre-tax profits of £101.4 million for the first half of 2010.

During the same period in 2009, the company announced results of just £9.8 million.

Posted by Brooke Humphrey