West Bridgford supermarket bought as part of £15m deal
The pre-let forward funding of a Lidl supermarket in West Bridgford has been bought by LXi REIT as part of a deal worth £15m.
The store has been let to Lidl on a 25-year lease.
LXi REIT is also forward funding EV charging points at the property, pre-let on an unbroken 25-year lease to an unnamed specialist EV operator.
The freehold site comprises just over four acres and includes 180 car parking spaces.
A statement from LXi REIT said: “The attractive pricing reflects the off-market, relationship-driven nature of the acquisition and the thinner market for forward funding pre-let assets in smaller lot sizes in the current climate.
“The company is forward funding the property on a fixed-price, pre-let and fully planned basis and therefore not assuming direct development risk. The company will receive an income from the developer during the construction period at a rate equivalent to the net initial yield.”