UK Commercial Property REIT has agreed to let a 5,000 sq ft unit to bed retailer Dreams at St George’s Retail Park in Leicester.
The REIT is managed and advised by Aberdeen Standard Investments.
Dreams has agreed to a 10-year lease at £20 per sq ft in line with ERV, with an open market, upwards-only rent review at year five. The store is expected to open this year.
Aldi, Iceland, Pets at Home and Curry are among the retailers already on the site.
The REIT has also exchanged a 10-year lease with Costa Coffee, which will open a convenience pod at the asset next year.
The construction of three extra units totalling 24,450 sq ft, which form part of the wider asset management strategy for the retail park, is on track to complete this year.
The units, pre-let to Laura Ashley, Tapi Carpets and Wren, are expected to open in the new year.
Will Fulton, lead manager of UKCM at Aberdeen Standard Investments, said: “Our asset management programme for this asset is progressing well as we focus on diversifying the tenant mix and improving the overall consumer experience to drive footfall.”
The REIT was advised by Cushman & Wakefield and Morgan Williams.
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