Part of an out-of-town shopping centre has been sold.
International investment and development company Cervidae has bought Fletcher Mall, part of Beaumont Leys Shopping Centre on the outskirts of Leicester. The property was sold by British Land.
The busy shopping centre is anchored by a big Tesco Extra megastore, which was acquired in November 2020 by Supermarket REIT for £63.4 million, as part of a broader deal.
The Fletcher Mall has more than 110,000 sq ft of space, with more than 40 retail leases, seven residential units and car parking on a 10-acre site.
The current tenant line-up includes Wilko, Iceland, Specsavers, Boots and McDonalds.
Cervidae secured a 60 per cent loan from Mizrahi Tefahot Bank to finance the acquisition.
Maurice Roberts, investment and asset manager at 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 6 million visitors.”
Matthew Plax, of 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.”
Cervidae is a family-owned business, dealing with both UK and overseas real estate investment and development opportunities across commercial, residential and alternative sectors.
