COLESHILL-based IM Properties is continuing its expansion into the US market by investing £12m in a new supermarket development in Chicago.
The group carried out a forward purchase and development funding package on the Roundy’s outlet in the Vernon Hills area of the American city.
It worked in partnership with Chicago-based Bradford Real Estate Services on the 71,248 sq ft supermarket which has been let on a 20-year lease at an annual rent of over £1m.
Roundy’s is headquartered in Wisconsin and operates under five retail banners, with the IM supermarket trading as a Mariano’s Fresh Market.
The firm is now working on its second Roundy’s project with the same developer in the Palatine district of Chicago.
IM said it currently owns property valued at £50m in America and intended to progress its portfolio to a value in excess of £100m.
Managing director Tim Wooldridge said: “US based developers were struggling to secure funding from their banks and we recognised an opportunity to expand IM Properties’ portfolio in the US by forward funding retail developments such as this.
“We have a member of the IM team based full time in America and this has worked extremely well in helping us to secure this deal and build a close relationship with our tenant and development partner.”
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