Discount Retail Portfolio

Aldi – Anchored Retail Park
Bradford, Yorkshire
Description      
Discount retail park pre-let to Aldi, Home Bargains, Starbucks, Greggs and Heron Foods
Purchase Price      
£11 million
Net Initial Yield    
6.15%
Size      
46,000 sq ft
Acquisition Structure      
Pre-let forward funding
Date Acquired      
May 2017
Rent Review      
Aldi, Starbucks and Greggs - Retail Price Inflation (RPI); Home Bargains and Heron Food – Open market value (OMV)
Tenant/Guarantor      
Aldi Stores Limited, TJ Morris Limited (t/a Home Bargains) Starbucks Coffee Company (UK) Limited, Greggs plc and Heron Food Group
Lease Term      
Aldi - 20 years, with no break; Home Bargains – 15 years, with no break; Starbucks – 15 years, with no break; Greggs –  10 years with no break
Lidl food store
Chard, Somerset
Description
Discount food store pre-let to Lidl
Purchase Price
£5.5 million
Net Initial Yield
5.75%
Size
23,500 sq ft
Acquisition Structure
Pre-let forward funding
Date Acquired
October 2017
Rent Review
Retail Prices Inflation (RPI)
Tenant
Lidl UK GmbH
Lease Term
25 years from completion of works, with a break right in year 15
Lidl-anchored discount scheme
Cowdenbeath, East Fife
Description
Discount retail scheme
Purchase Price
£8.5 million
Net Initial Yield
6.0%
Size
39,310 sq ft
Acquisition Structure
Pre-let forward funding
Date Acquired
October 2018
Rent Review
Lidl - Consumer Price Inflation (CPI)
B&M - Open market value
Tenant/Guarantor
Lidl UK GmbH
B&M Retail Limited
Lease Term
Lidl – 25 years from completion of construction works (with a break at year 15)
B&M – 15 years without break from completion of construction works
The Range
Carlisle
Description
Discount retail store
Purchase Price
£4.3 million
Net Initial Yield
6.0%
Size
33,500 sq ft
Acquisition Structure
Built asset
Date Acquired
October 2018
Rent Review
Fixed uplifts of 2% pa
Tenant/Guarantor
CDS Superstores (International) Limited, trading as The Range
Lease Term
19.5 years unexpired, with no break
Aldi – Anchored Park
Evesham, Worcestershire
Description      
Discount park pre-let to Aldi, Home Bargains and TK Maxx
Purchase Price      
£12.15 million
Net Initial Yield    
5.4%
Size      
41,513 sq ft
Acquisition Structure      
Pre-let forward funding
Date Acquired      
December 2018
Rent Review      
Aldi - Retail Price Inflation (RPI); Home Bargains and TK Maxx – Open market value (OMV)
Tenants      
Aldi Stores Limited, TJ Morris Limited (t/a Home Bargains) and TJX UK Limited (t/a TK Maxx)
Lease Term      
Aldi - 15 years, with no break; Home Bargains – 15 years, with no break;TK Maxx – 15 years, with break at year 10