Valad, the European multi-let real estate investment manager, has let three retail warehouses totaling 92,488 ft² (approx. 8,600 m²) to B&Q on behalf of its V+ UK fund for a combined rental income of more than £900,000 pa (approx. 1 million).
The stores, located in Sudbury, Thetford and Pembroke Dock, were among 31 included in an Option Agreement that B&Q entered into with Focus DIY's administrator, when the company was placed into administration earlier this year. Under the terms of the agreement, B&Q has now signed three new 10-year leases with V+ UK.
Rob Howe, Valad's Head of UK Real Estate, commented: "Valad is pleased to have secured such a high quality tenant as B&Q, simultaneously at three locations, so soon after the previous occupier was put into administration.
"The lettings will provide long-term income for the fund and increase the value of these assets, which is a great result for the V+ UK investors. The new B&Q stores will also provide jobs and a popular retail destination for the local surrounding areas."
The V+ UK fund is a mixed commercial UK property fund that seeks to provide attractive returns to investors driven by income growth through the delivery of asset management initiatives.
Source: Tavistock Communications