10th May 2016 06:40
LONDON (Alliance News) - LondonMetric Property PLC Tuesday said it has sold three UK retail parks held under its joint venture with Universities Superannuation Scheme Ltd.
The joint venture between the two companies, Metric Income Plus Ltd Partnership, has sold retail parks in Bridgwater, Chatham and Grimsby for a combined consideration of GBP15.9 million.
Of that total consideration, LondonMetric will take an GBP8.0 million share.
LondonMetric said the park in Bridgwater has been sold to an international investor, which was not named, for GBP4.9 million. The 33,000 square foot property was acquired in 2013 and has an unexpired lease term of 17 years.
The 26,000 square foot park in Chatham, which houses a Wickes store, has been sold to clients of Knight Frank Investment Management for GBP6.9 million.
Lastly, the park in Grimsby, which is 21,000 square feet in size and also houses a Wickes store, has been sold to another unnamed international investor for GBP4.1 million.
"There is healthy buying interest across our retail portfolio and we will continue to sell mature assets, recycling into opportunities that offer better income and income growth prospects," said Chief Executive Andrew Jones.
By Joshua Warner; [email protected]; @JoshAlliance
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