Investment firm AEW REIT has acquired Freemans Leisure Park in Leicester for £11.15m.

Located near the University of Leicester, the 8.4-acre freehold site includes five units totalling 108,771 sq ft, service yards and 582 parking spaces.

It’s fully let to national names such as Odeon, Mecca Bingo, Spirit Pub Company and Nando’s, with an average lease term of more than eight years to expiry.

AEW sees room for growth through upcoming rent reviews, a potential EV charging point letting, and exploring alternative uses like hotel or restaurant developments on underused parts of the site.

Laura Elkin, portfolio manager of AEW UK REIT said: “We are very pleased to have completed this acquisition, which returns the Company to a fully invested position. Freemans Leisure Park offers an accretive income profile, as well as being defensively priced relative to surrounding alternative-use land values. We continue to actively monitor a pipeline of investments and remain optimistic about the attractive opportunities for investment in the current market.”