LaSalle buys Debenhams store in Kent
Published: 27 May, 2015
LaSalle Investment Management has acquired a freehold department store let to Debenhams in Canterbury from M&G Real Estate.
The property was purchased for £22.35m, representing a yield of 5.6 per cent. It is let at a rent of £1.33m per annum with fixed annual uplifts of 2.5 per cent until 2019. Deutsche PostBank provided a loan of £6.7m.
Arranged across three buildings ranging in age from the mid-19th century, the department store provides 116,000 sq ft of trading and storage space. Debenhams has just over 19 years left unexpired on its lease and the store is one of the retailer’s top half performing outlets out of its 178 stores.
The property is situated in the town’s main retailing pitch and has frontages to High Street, Guildhall Street and Mercury Lane, in the city’s most popular shopping district, close to Canterbury Cathedral, which attracts some one million visitors per year.
John Yeend, director, LaSalle Investment Management, said: “The acquisition of this department store is indicative of our strategy across key European markets to invest in core retail assets in high footfall areas within strong regional cities.”
LaSalle Investment Management was advised by JLL; M&G Real Estate was advised by CBRE.