26th Feb 2019 14:52
LONDON (Alliance News) - Schroder Real Estate Investment Trust Ltd said Tuesday it has completed two new lease agreements, in Bedford and Milton Keynes, which the trust said improves its portfolio's "defensive qualities".
The lease agreement at St John's Retail Park in Bedford with TJ Morris Ltd - trading as Home Bargains - is for a 14,500 square foot store on a fifteen-year term at GBP190,000 per annum.
The space being let makes up the balance of the former Homebase unit in the retail park. An agreement is in place with German supermarket Lidl to lease 21,630 square feet on a fifteen-year term at GBP335,000 per annum.
The lettings are subject to the trust securing planning consent and delivering a refurbished unit, expected to cost about GBP3.7 million.
In Milton Keynes, the trust has agreed an eight-year extension to its lease with fashion and homeware retailer Matalan Ltd, at a new rent of GBP572,000 per annum. The agreement is conditional on the trust improving the store, including roof cladding and a car park, expected to cost about GBP1 million.
Carpetright will pay GBP95,000 per annum for the 8,500 square feet it currently lets from Matalan.
The trust also announced it has sold a retail property in Yeovil for GBP300,000, in line with the independent valuation at December 31.
Shares in Schroder Real Estate Investment were down 0.3% Tuesday at 58.33 pence each.
Related Shares:
Schroder Real