Sales continue at LondonMetric

Published:  10 May, 2016

LondonMetric disposes of three retail parks for £16m

The Metric Income Plus Limited Partnership, LondonMetric’s joint venture with Universities Superannuation Scheme, has sold three retail park properties in Bridgwater, Chatham and Grimsby for £15.9m, reflecting a blended Net initial yield of 5.7 per cent.

The 33,000-sq ft Range store in Bridgwater has been sold to an international investor for £4.9m, reflecting a NIY of 5.1 per cent rising to 5.7 per cent in 2018. The newly developed store was acquired in 2013 at a NIY of 6.8 per cent and has an unexpired lease term of 17 years.

The 26,000-sq ft Wickes store in Chatham has been sold to clients of Knight Frank Investment Management for £6.9m, reflecting a NIY of 5.64 per cent. The store was acquired in 2013 at a NIY of 7.0 per cent.

The 21,000-sq ft Wickes store in Grimsby has been sold to an international investor for £4.1m, reflecting a NIY of 6.4 per cent. The newly developed store was acquired in 2015 on a forward commitment basis at a NIY of 7.2 per cent.

LondonMetric chief executive Andrew Jones said: “Since acquisition, these assets have generated strong income return and material yield compression. There is healthy buying interest across our retail portfolio and we will continue to sell mature assets, recycling into opportunities that offer better income and income growth prospects.”

MIPP was advised by Knight Frank on Chatham. KFIM was advised by ESH.

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