3rd Jul 2014 09:53
LONDON (Alliance News) - LondonMetric Property PLC Thursday said its joint ventures with Universities Superannuation Scheme Ltd is to acquire Trostre South Retail Park in Llanelli from Benesco, a charity, for GBP12.8 million, reflecting a net initial yield of 6.8%.
In a statement, LondonMetric Property said that the retail park is let to B&Q, Pets at Home and KFC, along with a vacant unit representing 10,000 square feet of the 75,400 total. It said the park is next to the 450,000 square foot Trostre Shopping Park, anchored by Tesco, M&S, Next, Debenhams and BHS.
LondonMetric has previously stated that it wants to grow its ownership in the joint venture to half of the equity, from its current 33.3% stake, through further investment. Thursday's acquisition takes its stake in the Metric Income Plus Limited Partnership to 42%.
"Having reached the Joint Venture's original investment target in December today's transaction enables LondonMetric to make progress towards achieving a 50% ownership position. On completion of Llanelli, we will increase our share of MIPP net income by a further GBP1.0 million per annum," Chief Executive Andrew Jones said in a statement.
Edgerley Simpson Howe advised MIPP. Harvey Spack Field/Metrus advised Benesco.
LondonMetric shares were Thursday quoted at 140.20 pence, up 1.7%.
By Samuel Agini; [email protected]; @samuelagini
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