10th Sep 2018 08:40
LONDON (Alliance News) - LondonMetric Property PLC said Monday it sold a retail park located in Launceston, England, for GBP21.9 million.
The company bought the retail park in 2010 for GBP13.5 million, and since then increased the number of units from five to nine to accommodate more retailers.
Chief Executive Officer Andrew Jones said: "This disposal is in line with our strategy to reduce our ownership of operational retail assets once business plans have been executed. Following the sale, we will own only four retail parks."
"Demand for physical retail assets continues to polarise and so future investments will be targeted within the logistics and convenience sectors where income growth prospects are superior."
Shares in the FTSE 250-listed property company were trading 0.1% higher at 181.10 pence each.
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