LondonMetric sells two retail parks
Published: 03 October, 2016
Newry and Kings Lynn parks sold for a combined £55m
LondonMetric Property Plc (LondonMetric) announced that it has sold Pierpoint Retail Park in Kings Lynn for £24.0 million and Damolly Retail Park in Newry, Northern Ireland, for £30.7 m.
The Tritax Property Income Fund (Tritax) has purchased the 74,000 sq ft Kings Lynn retail park. The property was purchased in 2011 for £15.1m and has undergone complete refurbishment with six new lettings to: Next, B&M, DFS, Tapi, Poundland and Greggs. Since purchase, the rental income has increased by 47 per cent.
At Newry, Northern Ireland a local investor has purchased the 165,000 sq ft Damolly Retail Park. LondonMetric purchased the retail park in 2010 and has undertaken numerous asset management initiatives with new lettings to Lidl, Pets at Home, Home Bargains and Costa.
Andrew Jones, chief executive of LondonMetric, commented: “These sales represent the opportunity to monetise two of our larger retail park investments following an intense period of asset management activity.
“The investments have delivered positive returns over their period of ownership but it is now opportune to reinvest the monies into investment and development opportunities within our favoured logistics sectors where rental growth prospects look more attractive.”
LondonMetric was advised by CBRE on Newry. Wilkinson Williams advised Tritax on Kings Lynn.