UKCPT lets 30,300 sqft net retail space to Primark

RNS Number : 9248M

UK Commercial Property Trust Ltd

12 May 2015

 

12 May 2015

UK Commercial Property Trust Limited

("UKCPT")

UKCPT lets 30,300 sq ft net retail space to Primark at Charles Darwin Centre in Shrewsbury

New anchor triggers £12 million investment

UK Commercial Property Trust Limited (LSE: UKCM), the largest Guernsey based, UK focused, London listed commercial property investment company, which is advised by Standard Life Investments, announces that it has let a 30,300 sq ft (net sales area) store over two levels at the Charles Darwin Shopping Centre to international fashion retailer, Primark.

Confirmation of the centre's new anchor tenant triggers a £12 million investment programme by UKCPT that will include fit out of the new store and transform the shopping centre's public areas with new floors, ceilings and lighting.

The store, which is Primark's first in Shrewsbury, is a reconfiguration of nine existing units.  A comprehensive fit-out is to be undertaken, creating a modern new shopping environment.

The letting continues UKCPT's strategy of rebuilding income and footfall in the Pride Hill and Charles Darwin shopping centres by securing an attractive line up of tenants, filling remaining vacant units and modernising public areas. At the Riverside Mall, UKCPT has been working with Shropshire Council and the Image Match Community Infrastructure Company to fill units and draw shoppers with temporary occupiers, including social and community enterprises, while the redevelopment of Riverside Mall remains under review. 

Will Fulton, Fund Manager at Standard Life Investments, comments: "Securing this significant letting to Primark is not only an asset management game-changer for our shopping centres in Shrewsbury, through the magnet affect we believe Primark will generate, but it is also expected to be a significant building block in our strategy to improve the Company's overall retail sector performance."

David Rodger, Portfolio Manager at Standard Life Investments, comments: "Shrewsbury's town centre is a great success story. It is evolving in an era of competition from internet and out-of-town shopping, building on its popularity and doing so without sacrificing its character and its quality as a pleasant shopping destination. Primark's arrival underlines further the continuing strength and appeal of Shrewsbury's town centre."

ENDS

Enquiries

David Rodger / Will Fulton, Standard Life Investments

Tel: [phone]

Richard Sunderland/Claire Turvey/Clare Glynn, FTI Consulting

Tel: [phone] / [e-mail] 

 

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