Case Studies

Newark

The off market acquisition of the 726,000 Dixons Carphone distribution warehouse for £68.5 million at a 6.4% NIY reinforced our leading position within retail distribution, demonstrated our longstanding relationship with a key customer and added £4.5 million per annum of contracted income with 5 yearly fixed uplifts.

Harlow

Following a surrender by Tesco, the 268,000 sq ft facility was re-let to Brakes Bros, increasing the lease term from 9 to 25 years and delivering a 150bps yield compression. The property was bought in 2011 for £22.9 million and sold post year end for £37.2 million.

Islip

Undertaking a 1,062,000 sq ft development in Northamptonshire. The distribution centre is let to Primark for 25 years with annual fixed rental uplifts. Contracted rent is £5.3 million per annum and the development will have delivered over 200bps of yield compression.

Warrington

Acquired the 20,000 sq ft Fordton retail park in Warrington let to Aldi and four other retailers, with an unexpired lease term of 16.3 years, RPI linked. Convenience shopping is one of the key growth areas in retail, provides attractive income and represents an increasingly significant proportion of our portfolio.

Loughborough

Agreed a 12,700 sq ft extension and new lease with Morrisons to increase the store to 54,000 sq ft and lengthen the lease term by 21 years. Practical completion is due in 2016 and will have delivered a strong valuation uplift.

Kirkstall

Planning was granted on the 120,000 sq ft shopping park in Leeds and construction commenced with completion due in October 2015. Once fully let, contracted rent will be £2.7m per annum and will achieve a number of responsible business development objectives and have delivered over 200bps of yield compression.

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