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Asda Living signs with British Land for three new retail parks Tuesday, 31st July 2012
Asda’s home and technology division, which retails only non-food products, has signed off on three new locations as it looks to expand its big ticket offering.
Hercules Unit Trust (HUT), the specialist retail park fund advised by British Land and managed by Schroders, this week revealed Asda Living signed for almost 60,000 sq ft across two of its retail parks and one British Land-owned park.
New locations at Queens Retail Park in Stafford, the Parkgate Shopping Park in Rotherham and British Land’s Westside Retail Park in Guiseley will form the latest additions to Asda’s non-food offering. All locations signed on a 15 year lease.
Ben Grose, head of retail asset management for British Land, said: “British Land is committed to working closely with retailers to ensure they have the right space.
Completing three deals is testament to the appeal and dominance of our assets. Asda Living is a strong addition to the schemes’ tenant line ups and we are delighted to have them on board.”
Keith Wilson, head of ASDA Living acquisitions, added: “Being able to add three new stores at HUT and British Land retail parks gives us access to a wider reach of customers and provides a solid platform for us to continue to grow the Asda Living brand.”
Cushman & Wakefield acted on behalf of Asda Living, while British Land was represented by Wilkinson Williams, Savills, BNP Paribas, Morgan Williams and Harvey Spack Field.