AEW UK REIT has acquired Freemans Leisure Park in central Leicester for £11.15m.
The 8.4-acre freehold site includes 108,771 sq ft of lettable space across five units, fully occupied by national tenants including Odeon, Mecca Bingo, Nando’s and Spirit PubCompany. The deal reflects a 10.6% net initial yield and £103 per sq ft capital value.
Located close to the University of Leicester, the site includes 582 parking spaces and offers scope for rental growth, EV charging lets or hotel and restaurant development.
Portfolio manager Laura Elkin said the asset was “defensively priced” and “offers an accretive income profile,” adding: “We remain optimistic about the attractive opportunities for investment in the current market.”
The acquisition completes the company’s redeployment of sale proceeds from the disposal of Central Six Retail Park in Coventry and returns it to being fully invested. The company has also identified “a pipeline of attractively priced potential investments” available for purchase.
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