Pretoria - Redefine International, the listed income focused UK real estate investment trust, has concluded a 15-year lease with TK Maxx for a new 22 000 square foot store at Albion Street in Derby in the UK.
The company said on Friday that it would commence a redevelopment of 9-11 Albion Street in the next few months to combine the basement, ground, first and second floors of the three existing units into a single, modern space to accommodate TK Maxx. It said the new store was scheduled to open by late next year and would create 35 new jobs and improving the retail pitch for the city.
Redefine International said it was anticipated it would cost £2.2million (R37.76m) to reconfigure the space. Adrian Horsburgh, the property director at Redefine International, said the letting agreement with TK Maxx, a high-profile brand with a strong covenant, was in line with their strategy to target income-led asset management opportunities.
Read also: Redefine in R719m deal
BUSINESS REPORT ONLINE