Schroder REIT signs two lease deals to strengthen UK portfolio

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.


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