LondonMetric Property Plc (LondonMetric) announced that it has sold the DFS property in Enfield for €33.5 mln (£24.5 mln) on behalf of it’s DFS joint venture (Joint Venture).
The Joint Venture acquired the 2,972 m² (32,000 ft²) property in March 2014 as part of a portfolio of 27 DFS stores, it is let at a rent of of €2.3 mln per annum. The sale reflects a Net Initial Yield of 6.6%, a profit on cost of 19% and a geared Internal Rate of Return of 30%.
In addition, LondonMetric have sold its Watling retail park in Cannock for €10.2 mln (£7.5 mln) to a UK institution reflecting a Net Initial Yield of 6.15%. The 2,322 m² (25,000 ft²) retail park – currently let to DFS, Carpetright and Porcelanosa – was developed by LondonMetric in November 2012 off a yield on cost of 8.6%. The disposal crystallises a profit on cost of 32% and a geared IRR of 31%.
These transactions follow on from the sale of LondonMetrics Westcroft retail park in Milton Keynes for €37.1 mln (£27.2 mln) and its Mountbatten retail park in Southampton for €22.1 mln earlier this month.
Source: LondonMetric
