LondonMetric Sells Lichfield Retail Park For €18.5 mln (UK)

LondonMetric share: £6.7 million (€

9.35 mln)

, reflecting a NIY of 5.8% rising to 6.0% in June – 65%  of the rental income benefits from future fixed or indexed uplifts.

The 44,800 sq ft ( 4,162.06 m²) retail park anchored by Wickes with four other units let to Carpetright, Halfords, Pets at Home and Bensons for Beds was purchased in October 2012 and has generated a return on equity of 50%.

Separately, MIPP has sold its B&Q retail park in Londonderry for £18 million (approx. €


25.12 mln).

Following these disposals, MIPP now comprises 22 assets with a value of £195 million (approx. €



272.09 mln), with £97.5 million at share (approx. €




136.04 mln)
. 

Andrew Jones, Chief Executive of LondonMetric, commented:

“Both are strong assets that have given us terrific cash returns and attractive capital gains however we now believe that there are other opportunities available for us that better suit our ability to institutionalise under-managed assets.”