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Schroders Capital highlights leasing success across retail portfolio

Sophie Smith
23 November 2022

The Schroders UK Real Estate Fund (SCREF) has announced that occupancy across its retail portfolio has now reached 93%.

The company's recent leasing activity involves assets in Bracknell, Central London, Colchester, Romford and Spalding.

The Lexicon in Bracknell recently saw the opening of a new 40,000 sq ft flagship Sport Direct, which also features sister brands USC, GAME and Evans Cycles. The company has also agreed a new five-year reversionary lease with Sports Direct on Mile End Road in Central London.

In addition, Schroders Capital has agreed a combined 22,041 sq ft of additional lettings at The Lexicon, including Quiz and Thai restaurant Giggling Squid, taking the destination to over 90% let.

The company has also secured lettings with Turtle Bay, Wagamama and Five Guys at The Brewery in Romford, and Pets at Home in Winfrey Avenue Retail Park, Spalding. Schroders Capital has also welcomed a McDonald’s drive-through at Turner Rise Retail Park in Colchester.

Schroders Capital has said it will continue enhance its portfolio of retail and leisure assets. This follows the company's recent work including a new public realm investment at Mermaid Quay in Cardiff, as well as planned improvements at The Brewery to increase the number of electric vehicle charging points, add solar panels, and introduce better contactless payment for parking.

Tom Woolven, Asset Manager at Schroders Capital’s Real Estate, said: “Our retail and leisure portfolio benefits from being strategically located in strong locations across the UK. Our assets benefit from a good tenant mix ranging from discount retailers to popular and relevant leisure experiences, which generate healthy footfall and attract new, complementary occupiers.

"The success of our portfolio is thanks to our team’s partnership and hospitality approach with our tenants, which allows us to adapt our assets in order to improve our occupiers’ trading performance and tackle the challenges brought about by the pandemic and online shopping. With affordable rents and near full occupancy, our retail warehouse assets continue to create long term sustainable income growth and strong returns for SCREF investors.”

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