H&M takes the remaining space in the former BHS unit alongside the 25,000 sq ft Next store.

Mike Riley, CEO of New Frontier Properties, commented:

“H&M is an exciting new addition to the centre, and to the town generally, demonstrating Burton’s growing appeal to national retailers.”

The letting was agreed by Waypoint Asset Management on behalf of landlord, New Frontier Properties.

The letting activity follows New Frontier Properties’ continued drive to optimise its tenant mix across all three of its dominant retail centres located in Burton upon Trent, Blackpool and Middlesbrough.

Urban planning legislation in the United Kingdom curbs urban sprawl which places greater emphasis on the quality and variety of inner-city retail offering, making it a defensive investment. This forms the underpin to New Frontier Properties retail strategy in the UK.

BACKGROUND TO NEW FRONTIER

New Frontier Properties is a UK Real Estate Investment Trust (REIT) that is listed on the Stock Exchange of Mauritius and the JSE AltX in Johannesburg. Its primary objective is to acquire and develop good quality, income generating retail and logistics property in the UK and Europe.

Preference will be given to retail assets with a high level of non-discretionary spend and logistics properties let to e-commerce and retailer tenants. Non-retail assets will account for no more than 20% of aggregate portfolio value.

New Frontier aims to grow its portfolio to £1bn within the next three to five years.