Henley and Aprirose sell Tesco in Corby for £47m.
What Henley and Aprirose sell Tesco in Corby
Why Asset had been marketed off a guide price of £47m
What next 19 years unexpired lease term to grocer.
Private Equity investor Henley and investment manager Aprirose have sold a Tesco Extra supermarket in Corby, Northamptonshire to a private investor, React News can reveal.
The asset had been marketed by Knight Frank with a guide price of £47m.
The 113,332 sq ft property is let to Tesco with 19 years remaining on the lease at a rent of just over £2,550,000 per annum. The site benefits from a 714-space car park and petrol filling station, also let to Tesco.
Henley and Aprirose bought the supermarket in 2013, shortly after it was constructed.
Ian Rickwood, CEO of Henley, said:
”This sale represents the joint business plan for this property being realised, despite the market uncertainty brought about by COVID-19. Our strategy of opting for solid credit tenants on income producing deals has enabled a good exit and this remains our focus for future acquisitions in the current environment, with Henley being well-positioned to maximise investment opportunities that arise in the future.
Manish Gudka, CEO of Aprirose, said:
”We are pleased to have closed this deal, achieving our strategic goals for this asset. We continue to look for a diverse array of investment prospects throughout the UK to enhance our portfolio. Whilst the second quarter was a quieter period for most, we have continued to seek the best opportunities for our business and its investors.
Knight Frank acted on behalf of Henley and Aprirose.