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LondonMetric Property sells three retail parks

LondonMetric Property Plc has announced that the Metric Income Plus Limited Partnership (“MIPP”), its joint venture with Universities Superannuation Scheme Ltd (“USS”), has sold its retail parks in Bridgwater, Chatham and Grimsby for GBP15.9 million (LondonMetric share: GBP8.0 million), reflecting a blended NIY of 5.7%.

The 33,000 sq ft Range store in Bridgwater has been sold to an international investor for GBP4.9 million, reflecting a NIY of 5.1% rising to 5.7% in 2018. The newly developed store was acquired in 2013 at a NIY of 6.8% and has an unexpired lease term of 17 years.

The 26,000 sq ft Wickes store in Chatham has been sold to clients of Knight Frank Investment Management (KFIM) for GBP6.9 million, reflecting a NIY of 5.64%. The store was acquired in 2013 at a NIY of 7.0%.

The 21,000 sq ft Wickes store in Grimsby has been sold to an international investor for GBP4.1 million, reflecting a NIY of 6.4%. The newly developed store was acquired in 2015 on a forward commitment basis at a NIY of 7.2%.

LMP : LondonMetric Property sells three retail parks

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