LondonMetric Property has announced that its joint venture with the Universities Superannuation Scheme, the Metric Income Plus Limited Partnership, has sold its retail parks at Camborne, Haverhill and Bristol for £29.5m. LondonMetric’s share of the sale proceeds is £14.7m, which reflects a blended net initial yield of 5.8%.
Longwell Green Retail Park in Bristol has been sold to CBRE Global Investors for £12.6m reflecting a net initial yield of 5.4%. The Park has been refurbished, extended and re-tenanted and is now let to DFS, Carpetright, Costa Coffee and Subway for a further 15 years. Camborne Retail Park in Cornwall has been sold to a private investor for £9.9m reflecting a net initial yield of 6.1%. It is let in its entirety to B&Q for a further 12 years. Cambridge Road Retail Park in Haverhill has been sold to a UK pension fund for £7.0m reflecting a net initial yield of 6.1%. It is let to B&Q and Halfords for a further 12 years.
All three of these assets were purchased in 2012 and LondonMetric say that the sales crystallise a profit on cost of 25%. They also say that the sales bring their retail disposals in the financial year to over £130m and that they will continue to sell down mature assets and recycle into more accretive growth opportunities in the distribution sector and through their development pipeline.
LondonMetric announces disposal of three jointly owned retail parks for £30m : LMP