LaSalle Acquire Tesco Foodstore Adjacent Oxford Shopping Park

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LaSalle Acquire Tesco Foodstore Adjacent Oxford Shopping Park

HSBC, a client fund of LaSalle Investment Management acquired the Tesco supermarket adjacent to its existing Oxford Shopping Park for a price of £35.959m reflecting a net initial yield of 4.9%, an equated yield of 5.6% and a reversionary yield of 7.81% based upon the assumed RPI uplifts throughout the term from Tesco. The property is let to Tesco Stores Limited with a guarantee from Tesco PLC for a period of 20 years from completion subject to a tenant’s option to extend the term for up to an additional 30 year term at a rent equating to £25.00 per sq ft. The supermarket extends to approximately 65,000 sq ft together with surface car parking for 510 customer cars. Wilkinson Williams acted for LaSalle.