19th Oct 2015 06:24
LONDON (Alliance News) - Property investor LondonMetric Property PLC on Monday said it completed the sale of properties in Enfield and Cannock in the UK for a total of GBP32.0 million.
LondonMetric said it has sold the Enfield property, part of a joint venture with DFS Furniture PLC, for GBP24.5 million, from which it will receive GBP7.5 million. The property was acquired in March 2014 as part of a portfolio of 27 DFS stores bought from the administrators to Delphi Properties Ltd.
Separately, the company has sold the Watling Retail Park in Cannock for GBP7.5 million to an unnamed buyer in the UK for GBP7.5 million. The 25,000 square foot retail park was developed by LondonMetric in November 2012 and is fully-let to DFS, Carpetright PLC and Porcelanosa.
"We view the retail property sector opportunistically and will recycle assets which have delivered on their business plans. Both of these assets have generated very strong returns for us, and we will continue to capitalise on the high demand from institutions for strong, well-let real estate," said Andrew Jones, LondonMetric's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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