27th Apr 2015 06:32
LONDON (Alliance News) - LondonMetric Property PLC on Monday said its Metric Income Plus Income Partnership joint venture has sold the Lichfield retail park property in Staffordshire for GBP13.3 million and has sold its B&Q retail park in Londonderry for GBP18 million.
The property has been sold to Mayfair Capital's MCCPT fund, with GBP6.7 million of the consideration due to FTSE 250-listed LondonMetric. The Metric Income Plus vehicle is a joint venture with the Universities Superannuation Scheme.
The sale price reflects a net initial yield of 5.8%, LondonMetric said.
The joint venture has also sold its B&Q retail park property in Londonderry in Northern Ireland for GBP18 million. It provided no further details on that sale.
"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," said LondonMetric Chief Executive Andrew Jones.
By Sam Unsted; [email protected]; @SamUAtAlliance
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