The Range is seeking offers of more than £67m for a portfolio of UK stores on a sale and leaseback basis.
The portfolio comprises 10 stores – six in England, one in Wales, two in Northern Ireland and one in the Republic of Ireland.
All of the assets in the portfolio will be fully let to CDS (Superstores International) Limited, trading as The Range, providing investors with a secure, long income profile.
The Range will provide a 15-year lease term with no break options and built in growth with five-yearly CPI linked rent reviews (1-3%). The properties will all be on full repairing and insuring leases.
Suzie Lisle, senior director, UK retail at CBRE, which has been appointed to market the opportunity, said: “Our client is carrying out this process to recycle capital from its existing freehold portfolio to support further store expansion. The Range is a widely recognised, long-standing business that will provide investors with a stable income in what is becoming an increasingly popular strategy across the retail sector.”
