Schroder Real Estate makes progress on Bedford retail park

12th Aug 2016 10:30

(ShareCast News) - Shares in Schroder Real Estate Investment Trust (SREI) rose on Friday after the company announced progress in the recently acquired St. John's Retail Park in Bedford.SREI said TJX UK, trading as Homsense, has exchanged an agreement to lease a 12,100 sq ft unit on a fifteen year lease at a rent of £250,000 per annum.The unit is currently let to DSG Limited, trading as PC World, at £225,720 per year on a lease that expires in September 2020.DSG also occupies a separate 14,800 sq ft unit at the retail park, paying £265,500 per annum until September 2020. DSG has consolidated the PC World brand into this unit alongside its Dixons and Carphone Warehouse brands. "All agreements are conditional on planning which is expected in the final quarter of 2016," SREI said in a statement. "The combined agreements increase net income by 8%, with the £400,000 payment from DSG used to carry out the landlords works to TJX's new unit."SREI bought the retail park in May 2015 for £31.8m.Shares climbed 0.92% to 54.74p at 1042 BST.