U.K. real estate investment and development company Dunmoore has signed a forward-funding agreement with CBRE Investment Management for the development of a 20,451-square-foot Lidl supermarket in England.
Under the agreement, CBRE Investment Management will pay £8.4 million ($11 million) for the store, which is located in the Billingshurst Business Park.
Development of the store has commenced with the aim of opening in June, initiating the second phase of development at the business park that will provide 250,000 square feet of industrial and business space accommodation.
“This forward-funding agreement with CBRE Investment Management reflects the strength of the market for long-term, index-linked, blue-chip income,” said Jeff Hobby, CEO and owner of Dunmoore. “The progress we have made with the development in such challenging times has been excellent, and this deal is testament to our understanding of the ever-changing market and requirements.”
