Pension scheme signs trio of F&B tenants

Pension fund Universities Superannuation Scheme (USS) has signed a trio of food and beverage operators to three of its schemes.

Bakery chain Gail’s is set to open in the Oxfordshire town of Witney, taking a 3,200 sq ft unit at Woolgate Shopping Centre.

Meanwhile, American restaurant Five Guys is set to make its debut in the Wirral, signing a 15-year lease at Bromborough Retail & Leisure Park to bring the scheme’s occupancy rate to 100%.

Finally, Greggs will be opening a bakery at Marsh Mills Retail Park in Plymouth, following the signing of a 10-year lease for a 2,100 sq ft unit.

Each of these schemes are owned by USS, which manages total assets of around £75.5bn across a portfolio for over half a million members of the UK’s higher education sector.

Stephen Mahon, director of retail at JLL, which manages the assets on USS’s behalf, said: “These deals demonstrate the underlying quality of USS-owned assets across the property portfolio. All three locations are trading well, and the expansion of Gail’s, Greggs, and Five Guys reflects the fact that these sites are ideal for food and beverage tenants.” 

JLL advises USS across its retail portfolio. FMX advise on Woolgate Shopping Centre, Edit Leisure and Avison Young advise on Bromborough Retail & Leisure Park, whilst Morgan Williams and Avison Young advise on Marsh Mills Retail Park.