LondonMetric announces that the Metric Income Plus Limited Partnership (MIPP), its joint venture with Universities Superannuation Scheme, has acquired a B&Q warehouse in Hull and a Wickes warehouse in Dartford for a total cost of €21.7m (£18.4m), reflecting a blended NIY of 6.8%.
The 6,596m² B&Q store in Hull has been bought from Stobart Group and Roebuck Asset Management for €11.1m (£9.4m), reflecting a NIY of 7.5%. The unit is let at €883,640 (£0.75m) p.a. with an unexpired lease term of 12 years.
The 3,716m² Wickes retail warehouse in Dartford has been bought from a private investor. Simultaneous with the purchase, MIPP has granted a new 20 year lease to Wickes at a rent of €706,910m (£0.6m) p.a. The total cost of €10.6m (£9m) reflects a NIY of 6.2%.
MIPP was advised by Knight Frank on both deals and also by Beaton Associates on Dartford. Edgerley Simpson Howe represented Stobart and Roebuck.
