AEW UK REIT has purchased Freemans Leisure Park, an 8.4-acre freehold site in the centre of Leicester, for £11.15m.
The property is on an arterial route one mile south of Leicester city centre, close to the University of Leicester’s student campus, and totals 108,771 sq ft across five units along with service yards and 582 car parking spaces.
The property is fully let to tenants including Odeon Cinemas, Mecca Bingo, Spirit Pub Company and Nando’s. The property presents various asset management opportunities, including rental growth prospects through upcoming rent reviews; the possibility of an EV charging letting; and appraising alternative uses, such as hotel and restaurant, for areas of the site that have not been developed.
The acquisition completes the company’s redeployment of sale proceeds from the disposal of Central Six Retail Park in Coventry.
Laura Elkin, portfolio manager of AEW UK REIT, said: “We are very pleased to have completed this acquisition which returns the Company to a fully invested position. Freemans Leisure Park offers an accretive income profile, as well as being defensively priced relative to surrounding alternative-use land values.
“We continue to actively monitor a pipeline of investments and remain optimistic about the attractive opportunities for investment in the current market.”
