UK investment manager Schroder REIT has completed two new lease agreements at UK regional retail parks as it seeks to consolidate its portfolio.
A 15-year lease agreement has been concluded with TJ Morris Ltd, which trades as Home Bargains, at £190,000 (€220,000) per annum for a 1,350 m2 site at St John's Retail Park in Bedford. The space makes up the balance on the vacant former Homebase site, where Lidl already occupies a 2000 m2 store for £335,000 pa, also on a 15-year term.
In Milton Keynes Matalan has extended its current lease by eight years to March 2029 at a new rent of £572,000 pa. As part of the deal Carpetright, which currently sublets a 780 m2 store from Matalan, becomes a direct tenant, paying £95,000 pa until March 2021.
Schroder said the transactions were part of an active pipeline of retail asset management and realisations in its English regional locations.