http://www.insidermedia.com/insider/midlands/83443-tesco-completes-263m-derby-sale-and-lease-back
Tesco completes £26.3m Derby sale and lease back
Tesco has completed the sale and lease back of a 57,000 sq ft supermarket in Mickleover in Derby. AXA Real Estate Investment Managers has acquired the site for £26.3m.
It is the first acquisition by the real estate portfolio and asset manager on behalf of the recently launched UK Long Lease Property Fund.
The property is let to Tesco on a new 25-year lease. DTZ acted for AXA Real Estate and Morgan Williams advised the retail giant.
AXA Real Estate's open-ended UK Long Lease Property Fund raised an initial £125m. It has a strategy of building a core portfolio of UK long-lease assets. It is targeting a total fund size of about £1bn in five years.
"We have a strong pipeline of suitable investment opportunities across a broad range of sectors which we are currently assessing, while, in parallel, we continue to expand the fund's investor base," fund manager John Osborn said.
AXA also completed the £11.5m acquisition of a 44,230 sq ft supermarket in Sevenoaks, Kent, which is let to Waitrose on an unexpired lease term of more than 27 years
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