Aberdeen Standard Investments (ASI) has secured Lidl and The Gym Group to take space at their prime retail park in Cambridge.
Highly successful food store operator Lidl has agreed a pre let of new space being created through downsizing the Homebase unit. The national DIY chain have downsized to approx. 40,000 sq ft alongside a refurbished garden centre, which remained trading throughout the construction works. This asset management initiative has enabled a new 20,000 sq ft unit to be created for Lidl who’ve taken a 25 year lease and are currently fitting out. They are due to open early in the New Year.
Planning approval has also been obtained for budget fitness company The Gym Group to trade in a unit being constructed to the front of Homebase’s former garden centre, which has been consolidated as part of their downsize works. The Gym Group are taking 7,500 sq ft with full mezzanine cover on a new 15 year lease, which will be completed by Autumn 2020.
David Stewart, Fund Manager, Aberdeen Standard Investments, said: “It’s been a significant achievement to deliver this initiative - to secure a national food store, gym chain and right-size our anchor tenant on long lease terms. This shows the appeal of the city of Cambridge as a location and of Cambridge Retail Park as both a shopping and leisure destination for our catchment. “
Edgerley Simpson Howe and Savills acted for Aberdeen Standard Investments. Harvey Spack Field advised Homebase. Rapleys advised Lidl. The Gym Group were unrepresented.
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Notes to editors
- Aberdeen Standard Investments is one of Europe’s largest real estate investment managers, managing £44.5 billion of real estate assets across UK, Europe and Asia. Our dedicated team of 270 real estate investment professionals manages more than 1,600 real estate assets worldwide, and are based in 19 offices (including London, Edinburgh, Frankfurt, Paris, Stockholm, Copenhagen, Amsterdam, Hong Kong, Singapore, Boston. (30 June 2019)
- Aberdeen Standard Investments is a global asset manager dedicated to creating long-term value for our clients, and is a brand of the investment business of Aberdeen Asset Management and Standard Life Investments. With over 1,000 investment professionals, we manage manage £525.7 billion (US$669.6 billion)* of assets worldwide. We have clients in c.80 countries supported by over 40 offices globally. This ensures we are close to our clients and the markets in which we invest. (*as of 30 June 2019)
- We are high-conviction, long-term investors who believe teamwork and collaboration are the key to delivering repeatable, superior investment performance.
- You can access the Aberdeen Standard Investments media centre here: https://www.aberdeenstandard.com/news-and-media
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