LondonMetric JV Sells Three Retail Parks for GBP 16m.
12 May 2016 - UK-based retail property investor LondonMetric Property Plc's (LSE: LMP) Metric Income Plus Ltd. Partnership joint venture with Universities Superannuation Scheme Ltd has sold its retail parks in Bridgwater, Chatham and Grimsby for GBP 15.9m (USD 22.96m), the company said.
LondonMetric's share of the proceeds is GBP 8m, reflecting a blended NIY of 5.7%.
The 33,000 sq ft Range store in Bridgwater has been sold to an international investor for GBP4.9 m, reflecting a NIY of 5.1% rising to 5.7% in 2018.
This newly developed store was acquired in 2013 at a NIY of 6.8% 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 GBP6.9 m, reflecting a NIY of 5.64%. The store was acquired in 2013 at a NIY of 7.0%.
The 21,000 sq ft Wickes store in Grimsby has been sold to an international investor for GBP4.1 m, reflecting a NIY of 6.4%. The newly developed store was acquired in 2015 on a forward commitment basis at a NIY of 7.2%.
LondonMetric invests across the UK in retail led distribution, out of town and convenience retail properties.
Sector: Construction/Real Estate
Target: Retail parks in Bridgwater, Chatham and Grimsby
Vendor: Metric Income Plus Ltd. Partnership
Deal size in USD: 22.96m
Buyer advisor: , ,
Comment: Terms of the deal were not disclosed
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|Publication:||M & A Navigator|
|Date:||May 12, 2016|
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