£11.7m deal provides forward funding for retail scheme
Property investor LXi REIT has agreed a deal that will provide forward funding for a Worcestershire retail scheme.
It will invest £12.15m in the Evesham site, which has been pre-let to Aldi. The food retailer has agreed a 15-year lease for the 18,600 sq ft store.
Work on the 3.9 acre site is due to complete in July, when Aldi will be joined by Home Bargains and TK Maxx, with the discount retailers also agreeing 15-year leases on sites of 12,900 sq ft and 10,000 sq ft respectively.
More than 100 jobs will be created when Sinclair Retail Park is completed.
It is being developed opposite the Morrisons supermarket at Four Pools, on the former site of R Sinclair Transport (RST). RST has already relocated to nearby Vale Park.
Separately, LXi REIT has acquired two sites from West Midlands Travel on a purchase and leaseback arrangement. The £11.7m deal is for two bus depots, in Yardley Wood and West Bromwich, and the purchase price reflects a 5.7% yield.
