1st Oct 2015 06:23
LONDON (Alliance News) - Property company LondonMetric Property PLC on Thursday said it has sold two retail parks in Milton Keynes and Southampton for a total of GBP43.4 million.
LondonMetric said it has sold the Westcroft retail park in Milton Keynes for GBP27.2 million and the Mountbatten retail park in Southampton for GBP16.2 million. The sale prices reflect a blended net initial yield of 5.7% and both were bought by large UK institutional investors, which LondonMetric did not name.
"The retail market continues to evolve, allowing us to create further value through active management of our assets. Over the last two years we have successfully created significant capital value on these assets by lengthening and strengthening the income stream, creating a product which is attractive to institutional purchasers," said LondonMetric Chief Executive Andrew Jones.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
LondonMetric