REI’s Derby retail park now fully let

Southgate Retail Park in Derby is now fully let with the arrival of the latest tenant.

Real Estate Investors has agreed a new ten year lease with Mencap on the 3,538 sq ft Unit 8, at an annual rent of £40,000.

Mencap join tenants including Lidl UK, Poundworld and The Gym Group.

The announcement came after REI confirmed its position as one of the Midlands’ major success stories with its final results for 2016,

They reveal a major surge in underlying profits before tax from £1.4m (2015) to £5.2m – up 271 per cent.

Revenue was £13.5m, a 60.7 per cent increase on £8.4m in 2015.

And REI now sits on gross property assets of £201.9m, a 28.2 per cent increase on 2015’s figure of £155.5m.

REI has announced a total dividend per share of 2.625p, up 31.3 per cent, with a final quarterly dividend of 0.75p.