Leicester retail scheme sold to international investor
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Cervidae, the international investment and development company, has acquired Fletcher Mall, a retail site forming part of Beaumont Leys district retail park in Leicester, from British Land.
Beaumont Leys is a neighbourhood retail scheme to the north-west of Leicester city centre, anchored by a Tesco Extra megastore, which was bought in November 2020 by Supermarket REIT for £63.4m, as part of a broader deal.
Cervidae’s share of the site compromises 112,452 sq ft of accommodation, consisting of a mix of over 40 retail leases, seven residential units and car parks on a 10-acre site.
The current tenant line up predominantly consists of non-discretionary and service-based retailers, including Wilko, Iceland, Specsavers, Boots and McDonalds.
Cervidae secured a 60% loan from Mizrahi Tefahot Bank to finance the acquisition.
Maurice Roberts, investment and asset manager, Cervidae, said: “Whilst there are undoubtedly more difficult times ahead for UK bricks-and-mortar retail, this acquisition of Fletcher Mall continues our strategy of targeting strong performing assets which are underpinned by their provision of essential services to the local community. Beaumont Leys has a history of robust occupancy and continues to be popular with local shoppers, evidenced by its annual footfall of approximately six million visitors.”
Matthew Plax, Mizrahi Tefahot Bank, said: “Properties like Beaumont Leys, which serve the everyday needs of local people, are still highly relevant in the current market. With the benefit of an already strong retail catchment, we have every confidence in the expertise of the Cervidae team continue to drive value at the site through its active asset management of Fletcher Mall.”