Fosse Park deal

PILLAR PROPERTY, the property investment group, has formed an unit trust to buy two Fosse Park properties for pounds 205.5m.

Pillar, Schroder Exempt Property Unit Trust and SITQ International Inc, a wholly-owned subsidiary of Caisse de depot et placement du Quebec, said they had formed a Jersey-based closed-end unit trust which had completed the acquisition of the Fosse Park and Fosse Park South retail

parks near Leicester.

Key retail chains represented on the Fosse Park developments include Marks & Spencer, Boots, Burton, Next and Dixons, and on Fosse Park South they include Currys, PC World and Carpet Depot.

Pillar said that while the underlying units are not expected to become actively traded, it is believed that the simplicity of transferring the units will enhance the liquidity for investors.

The Trust provides for expansion by a further pounds 300m should other suitable retail park investments be identified.