Leicester Matalan store sold for £6.7m

Custodian REIT, the Leicester property investment company, has bought a Matalan store in the city for £6.7m.

The company has acquired the 37,804 sq ft retail warehouse in Leicester, near the Beaumont Shopping Centre and the city’s outer ring road. The unit is occupied by Matalan, with nearby retailers including Tesco, Argos, Wilko and Superdrug.

The company acquired the property by purchasing the entire issued share capital of BL (Leicester) and its wholly owned subsidiaries, Belgrave Land (Beaumont Leys) and Belgrave Land (Leicester) Limited, which respectively hold the long-leasehold interest in the property and its occupational lease.

Richard Shepherd-Cross, managing director of Custodian Capital (the Company’s discretionary investment manager), said: “Matalan has been trading from this location, adjacent to the 300,000 sq ft Beaumont Shopping Centre, for many years and we are delighted to have completed this acquisition. We believe the property will enhance Custodian REIT’s retail warehouse portfolio with a strongly trading business, which has just invested circa £0.5m re-fitting the store.”