Metric buys in Coventry
Published: 16 September, 2010
Metric Property Investments has bought Airport Retail Park in Coventry from Citi Property Investors for £18m
The 102,500-sq ft restricted Open A1 park is currently 89 per cent occupied by rental income, with one vacant unit. Occupiers including Currys, PC World, Dunelm, Dreams and Halfords. The acquisition includes 1.6 acres of adjoining land with development potential.
The net initial yield on the retail park is 6.15 per cent which is expected to rise to 6.9 per cent when the remaining unit is let. The average unexpired lease length stands at 10.6 years.
The deal means Metric has spent £83m, or 45 per cent of the funds it raised at the time of its IPO six months ago. Chief executive Andrew Jones said: "Airport Retail Park complements our existing portfolio by combining a secure income stream with a number of value enhancing asset management opportunities."
Wilkinson Williams advised Metric on the acquisition.