Monday, 24 November 2014
LondonMetric sells Bishop Auckland retail park for €29.8 mln (UK)
LondonMetric Property Plc announces that it has exchanged contracts on the sale of Bishop Auckland Shopping Park to Standard Life Investments for £23.6 mln (approx. €29.8 mln), reflecting a net initial yield of 5.27%.
The former Focus unit and adjacent land was acquired for £2.3 mln (approx. €2.9 mln) and developed by Metric Property Investments in two phases between 2012 and 2013 at a total cost of £15.8 mln (approx. €19.96 mln). The 76,500 ft² (approx. 7,107 m²). Open A1 shopping park consists of 12 units and is anchored by M&S, Boots, TK Maxx and Next with a WAULT of 9.4 years.
Andrew Jones, Chief Executive of LondonMetric, commented: “The investment market remains competitive for well let assets and so we will look to monetise our investments where we have completed asset management and development initiatives, with deep confidence of deploying the capital into other opportunities that offer superior income and capital growth.
“This has been an excellent asset for us that has fully showcased our deep development experience and strong occupier relationships to generate very attractive returns for our shareholders." BNP Paribas advised Standard Life on the purchase of Bishop Auckland.