News
Landsec offloads £617m worth of retail and hotel assets
8th May 2024Landsec has completed £617m worth of non-core asset disposals since September, including the sale of some retail centres and its entire hotel portfolio. The disposals included, amongst others, the sale of two retail outlets, one retail park, two leisure assets and a local shopping centre in London for a total of £217m. This comes as the real estate investment trust completes the sale of all of its hotel assets to funds managed by Ares Management, alongside its operating partner EQ Group, for a cash consideration of £400m. Landsec said the disposal is in line with its strategy to release capital from sectors in which it does not have scale and to focus its resources on areas where it has a competitive advantage. The hotel portfolio – which comprises 21 assets and is fully let to AccorInvest – generated a net income of £28.4m over the company’s last reported financial year. The income is 100% turnover-linked with a lease contract expiring in 2091 and 12-yearly tenant-only break options, which Landsec said limits its ability to influence performance or add further value to the assets. Of the £400m consideration, £350m has been received on completion, with the remaining £50m payable within 24 […]
Deals
M&S set for significant expansion at Leicester’s Fosse Park
9th May 2024Marks & Spencer has unveiled plans to significantly upsize its existing store at Fosse Park in Leicester. The retailer will take over a neighbouring vacant unit, increasing its presence at the retail park by 11,500 sq ft to over 100,000 sq ft. The larger format store will enable M&S to expand its offer at the scheme to include a wider range of food, clothing, homeware, and beauty. Work has now commenced at the site, and is expected to be completed by the autumn. In the meantime, the store will continue to trade with different departments undergoing changes gradually. Nicole Campbell, senior asset manager at scheme owner The Crown Estate, said: “The M&S Fosse Park expansion signifies both the brand’s resonance with our shoppers and highlights Fosse Park’s position as one of the nation’s most successful shopping destinations. “The expanded M&S and new brands will only increase the appeal of Fosse Park. The M&S decision to invest in Fosse Park through this expansion speaks to the strength of the destination.” New signings at Fosse Park in the last 12 months have included Schuh, Moss Bross, New Look, Dreams, Designer Sofas and Natuzzi.
Requirements
Lidl to open hundreds of stores across the country
1st May 2024Lidl has announced plans to open hundreds of stores across the country, as the supermarket retailer celebrates 30 years of trading in the UK. Over the coming months, Lidl is set to welcome shoppers to new stores in cities such as Bristol, Birmingham, and Berwick, Scotland. In London alone, the retailer will be opening stores in Wandsworth, Fulham, Hoxton, and Canning Town. This follows a year of significant investment into Lidl’s infrastructure, during which the retailer opened its largest-ever warehouse in Luton. It has also completed an extension to its Welsh distribution centre in Bridgend, as well as made significant progress with its Belvedere warehouse expansion which, upon completion, will result in its size and capacity being doubled. The announcement comes as Lidl publishes its list of target locations for potential new stores, with the discounter eyeing major growth in cities such as Edinburgh, Leeds, Liverpool, and London, as well as smaller towns. Richard Taylor, Lidl GB chief development officer, said: “Having fortified our infrastructure with significant investments like Luton, which is the largest warehouse in the Lidl world, we’re proud to have achieved record market share this month. We have also been the fastest growing bricks and mortar supermarket for […]
Insights
Completely Retail Marketplace: cause for optimism as market heats up
1st May 2024Spirits were high at the Completely Retail Marketplace event on 30th April, as activity in the retail and leisure property market shows no signs of slowing down. There was a buzz at Old Billingsgate, as an attendance of over 1,500 property professionals, retailers, and occupiers demonstrated a continuing demand for space in a market which has taken somewhat of a beating over the last few years. One retailer said that despite “a lot more optimism in the market”, the issue now is being able to find enough space to open new stores, as a desire to expand into untapped markets is hindered by the unavailability of suitable, and large enough, retail units. This view was echoed by one agent, who said that high demand means there simply isn’t enough space to let at times, save for some small pockets of development. Business rates also remained high on the agenda, with some occupiers put off by the UK’s demanding rates system. Despite this, some food and beverage operators are finding alternative ways to meet their requirements. Loungers, the company behind the Lounge, Cosy Club, and Brightside concepts, said its strategy involved targeting “unfashionable” high streets. The group opened 36 sites last […]
News
Sustainable designer store to make London debut at The O2
8th May 2024Sustainable designer store All Good Things has made its London and outlet debut at Outlet Shopping at The O2. The brand has taken a 4,000 sq ft on the upper level of Outlet Shopping at The O2, adjacent to brands such as French Connection and Calvin Klein, which has recently upsized its store. The new outlet store offers a range of clothing and accessories from designer brand such as Rag & Bone, Michael Kors, and Ralph Lauren. Further amenities such as a pre-loved collection, designated clothing recycling points, and on-site stylists are also available. The store marks a debut in London for All Good Things, which operates a bricks-and-mortar store at Bristol’s Cribbs Causeway. Janine Constantin-Russell, managing director of the Entertainment District and Outlet Shopping at The O2, said: “We’re thrilled that All Good Things has chosen Outlet Shopping at The O2 as the place to mark its London and outlet debut – a true testament to the strength of The O2 as a destination of choice, both for outlets and within London’s broader retail landscape. Our visitors are at the heart of everything we do, and we take great pride in our ability to listen and respond to what […]