LondonMetric Property have announced that the Metric Income Plus Limited Partnership, its joint venture with Universities Superannuation Scheme Ltd, has sold its retail parks at Camborne, Haverhill and Bristol for €39.3m (£29.5m - LondonMetric share: £14.7m), reflecting a blended NIY of 5.8%.
Longwell Green Retail Park in Bristol has been sold to CBRE Global Investors for €16.6m (£12.6m), reflecting a NIY of 5.4%. The Park has been refurbished, extended and re-tenanted and is now let to DFS, Carpetright, Costa Coffee and Subway for a further 15 years.
Camborne Retail Park in Cornwall has been sold to a private investor for €13.2m (£9.9m), reflecting a NIY of 6.1%. It is let in its entirety to B&Q for a further 12 years.
Cambridge Road Retail Park in Haverhill has been sold to a UK pension fund for €9.3m (£7m), reflecting a NIY of 6.1%. It is let to B&Q and Halfords for a further 12 years.
All three assets were purchased in 2012 and the sales crystallise a profit on cost of 25%.
Andrew Jones, chief executive of LondonMetric, commented: “These three assets have benefited from yield compression of 200bps since their acquisitions in 2012 and, following recent lettings and rent reviews, have now delivered on their business plans.
“These sales bring our retail disposals in the financial year to over £130 million. We will continue to sell down our mature assets and recycle into more accretive growth opportunities in the distribution sector and through our development pipeline.”
MIPP was advised by Harvey Spack Field on Camborne and Haverhill. CBRE Global Investors was advised by CWM. MP Real Estate advised the UK pension fund on Haverhill.
Source: London Metric
