IM Properties injects £12m into Chicago deal
Warwickshire-based IM Properties has invested more than £12m in the forward purchase and development of a Chicago supermarket.
Working alongside the US-based Bradford Real Estate Services, IM Properties has forward funded the development of a 71,248 sq ft outlet in Vernon Hills, Chicago.
IM Properties secured a 20-year lease of the property to Roundy’s Supermarket’s Incorporated at an annual rent of more than £1m.
A grocery brand headquartered in Wisconsin, Roundy's operates under five retail banners, with the IM Properties supermarket trading as a Mariano's Fresh Market.
IM Properties managing director Tim Wooldridge said: "US based developers were struggling to secure funding from their banks and we recognised an opportunity to expand IM Properties' portfolio in the US by forward funding retail developments such as this.
"Such has been the success of this first supermarket, that we are already progressing another property for Roundy's in the nearby Palatine district of Chicago, once again with developer Bradford Real Estate Services."
