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Foodstores and Discount Retail Portfolio

Aldi led scheme
Bradford, Yorkshire
Description      
Discount retail park pre-let to Aldi, Home Bargains, Starbucks, Greggs and Heron Foods
Size      
46,000 sq ft
Acquisition Structure      
Pre-let forward funding
Date Acquired      
May 2017
Rent Review      
Aldi, Starbucks and Greggs - Retail Price Index; Home Bargains and Heron Food – Open Market Value
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, without break; Home Bargains – 15 years, without break; Starbucks – 15 years, without break; Greggs –  10 years , without break
Lidl foodstore
Chard, Somerset
Description
Discount food store pre-let to Lidl
Size
23,500 sq ft
Acquisition Structure
Pre-let forward funding
Date Acquired
October 2017
Rent Review
Retail Price Index
Tenant Guarantor
Lidl UK GmbH
Lease Term
25 years, with break in year 15
Disposal
Following an unsolicited approach, the Company sold the Lidl foodstore in Chard, Somerset in August 2021, reflecting a low exit yield of 3.8%. The sale price reflects a material premium of 38% to the acquisition price paid by the Company and generates an attractive geared IRR of 26% pa.
Lidl led scheme
Cowdenbeath, East Fife
Description
Discount retail scheme
Size
39,310 sq ft
Acquisition Structure
Pre-let forward funding
Date Acquired
October 2018
Rent Review
Lidl - Consumer Price Index and B&M - Open Market Value
Tenant Guarantor
Lidl UK GmbH and B&M Retail Limited
Lease Term
Lidl – 25 years, with a break in year 15; B&M - 15 years, without break
The Range
Carlisle, Cumbria
Description
Discount retail store
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
Lease Term
19.5 years, without break
Aldi led scheme
Evesham, Worcestershire
Description      
Discount park pre-let to Aldi, Home Bargains and TK Maxx
Size      
41,513 sq ft
Acquisition Structure      
Pre-let forward funding
Date Acquired      
December 2018
Rent Review      
Aldi - Retail Price Index ; Home Bargains and TK Maxx – Open Market Value
Tenant Guarantor      
Aldi Stores Limited, TJ Morris Limited (t/a Home Bargains) and TJX UK Limited (t/a TK Maxx)
Lease Term      
Aldi - 15 years, without break; Home Bargains – 15 years, without break; TK Maxx – 15 years, with break in year 10
Lidl led scheme
Andover, Hampshire
Description      
Discount park pre-let to Lidl, Starbucks and Greggs
Acquisition Structure      
Pre-let forward purchase
Date Acquired      
January 2019
Rent Review      
Lidl – Fixed uplifts of 2%; Starbucks – Retail Price Index; Greggs – Open Market Value
Tenant Guarantor
Lidl UK GmbH
Lease Term      
Lidl - 25 years, with a break in year 15
Aldi led scheme
St Albans, Hertfordshire
Description
Aldi led scheme with ancillary B&Q and Costa
Size
18,567 sq ft Aldi and 46,313 sq ft B&Q
Acquisition Structure
Pre-let forward funding
Date Acquired
June 2019
Rent Review
Aldi – Fixed uplifts of 2%; B&Q and Costa - Retail Price Index
Tenant Guarantor
Aldi Stores Limited, B&Q Plc and Costa Limited
Lease Term
Aldi - 25 years, without break; B&Q - 15 years, without break; Costa - 20 years, without break
Lidl led scheme
West Bridgford
Description
Lidl led scheme with ancillary Pure Gym, Starbucks and EV chargers
Size
4 acres
Acquisition Structure
Forward funding
Date Acquired
October 2020
Rent Review
All RP
TIenant Guarantor
Lidl UK GmbH and Pure Gym Limited
Lease Term
Lidl – 25 years with single break at 15 years, Pure Gym and Starbucks – 15 years
Aldi foodstore
Lytham St Annes, Lancashire
Description
Discount foodstore
Size
14,185 sq ft
Acquisition Structure
Built asset
Date Acquired
October 2020
Rent Review
Five yearly at fixed 2.5% per annum compounded
Tenant Guarantor
Aldi Stores Limited
Lease Term
18 years unexpired to break
Lidl foodstore
Portsmouth, Hampshire
Description
Discount foodstore
Size
26,800 sq ft
Acquisition Structure
Built asset
Date Acquired
November 2020
Rent Review
Five yearly at fixed 2% per annum compounded
Tenant Guarantor
Lidl UK GmbH
Lease Term
22 years unexpired and 17 years until first break
Co-op foodstore portfolio
Glasgow, Pontypridd, Sandbach, Wallasey, Wrexham, Southport and Blackpool
Description
Convenience foodstore portfolio
Size
86,556 sq ft total
Acquisition Structure
Built asset
Date Acquired
November 2020
Rent Review
Fixed annual uplifts of 2.25%
Tenant Guarantor
Co-operative Group Limited and Co-operative Group Food Limited
Lease Term
16 years to break
Waitrose foodstore
Poynton, Cheshire
Description
Foodstore
Size
25,000 sq ft
Acquisition Structure
Built asset
Date Acquired
November 2020
Rent Review
Five yearly at fixed 2% per annum compounded
Tenant Guarantor
Lidl UK GmbH
Lease Term
22 years unexpired and 17 years until first break
Aldi led scheme
Berwick-upon-Tweed, Northumberland
Description
Aldi led scheme with ancillary Food Warehouse
Size
19,000 sq ft Aldi and 10,000 sq ft Food Warehouse
Acquisition Structure
Pre-let forward funding
Date Acquired
November 2020
Rent Review
Aldi - RPI and Food Warehouse - OMV
Tenant Guarantor
Aldi Stores Limited and Iceland Foods
Lease Term
Aldi – 20 years without breaks
The Range and B&M
Bradford, Yorkshire
Description
Discount retail
Size
72,000 sq ft total
Acquisition Structure
Built asset
Date Acquired
November 2020
Rent Review
Five yearly at fixed 2% (The Range) and 2.5% (B&M) per annum compounded
Tenant Guarantor
CDS (Superstores International) Limited and B&M Retail Limited
Lease Term
The Range – 19 years to break and B&M – 14 years to break
Co-op foodstores
Taw Hill Village Centre, Swindon and Bure Park, Bicester
Description
Convenience foodstores
Size
16,690 sq ft
Acquisition Structure
Built asset
Date Acquired
March 2021
Rent Review
Retail Price Index
Tenant Guarantor
Midcounties Co-Operative Limited
Lease Term
16 years, without break
Aldi and Home Bargains
Llangollen, Denbighshire
Description
Discount retail with overriding lease to Sainsbury’s
Size
19,000 sq ft and 15,000 sq ft
Acquisition Structure
Built asset
Date Acquired
March 2021
Rent Review
Retail Price Index
Tenant Guarantor
Sainsbury’s Supermarkets Limited
Lease Term
19 years, without break
Tesco foodstore
Welling, London Borough of Bexley
Description
Foodstore
Size
73,506 sq ft
Acquisition Structure
Built asset
Date Acquired
March 2021
Rent Review
Retail Price Index
Tenant Guarantor
Tesco Stores Limited
Lease Term
15 years, without break
Asda foodstore
Clydebank, Glasgow
Description
Foodstore
Size
106,719 sq ft
Acquisition Structure
Built asset
Date Acquired
March 2021
Rent Review
Retail Price Index
Tenant Guarantor
Asda Stores Limited
Lease Term
22 years, without break
Lidl foodstore
East Ham, London Borough of Newham
Description
Discount foodstore
Size
20,000 sq ft
Acquisition Structure
Forward funding
Date Acquired
March 2021
Rent Review
Retail Price Index
Tenant Guarantor
Lidl Great Britain Limited
Lease Term
25 years, with a break in year 20
Aldi led scheme
Glasgow, Lanarkshire
Description
Discount retail park let to Aldi, Starbucks, Greggs and KFC franchisee
Size
16,899 sq ft foodstore
Acquisition Structure
Forward commitment of Aldi with existing food offer
Date Acquired
May 2021
Rent Review
Aldi - Retail Price Index, Starbucks, Greggs and KFC – Open Market Value
Tenant Guarantor
Aldi Stores Limited, Greggs PLC, Starbucks Coffee Company (UK) Limited, Alderforce SC Limited
Lease Term
Aldi – 15 years without break and with an option to extend by 10 years, Greggs – 15 years with a break and option to extend in year 10 by 10 years, Starbucks – 15 years without break, KFC franchisee – 25 years with an option to break in year 15