Take a look at the figures
LondonMetric Property has sold three retail parks in Christchurch, Bedford and Maidstone for £60.9m.
At Christchurch, the 104,000 sq ft retail park has been sold to clients of Orchard Street Investment Management for £34.5m. The property was purchased in 2013 for £27.1m and since then new lettings have been signed with Costa, DFS, Home Bargains and Subway.
At Bedford, the 66,000 sq ft Alban Retail Park has been sold to the Tritax Property Income Fund for £14.4m. The property was acquired in 2010 for £9.2m and, following asset management initiatives with B&M, Dunelm and Gym Group, rental income has increased by over 30 per cent.
At Maidstone, a DFS property has been sold to clients of Helix Property Advisors for £12m on behalf of the Company’s DFS joint venture, reflecting a NIY of 7.5 per cent. The property was acquired in March 2014 as part of a portfolio of DFS stores off an overall NIY of 9.3 per cent. The joint venture retains 12 stores.
Andrew Jones, chief executive of LondonMetric, commented: “These have been very successful investments and we will continue to sell our well let mature retail assets upon completion of their business plans. Our retail park investments have halved over the last two years and now represent 13 per cent of our total portfolio.
“The sale proceeds will be invested into our logistics investment and development programmes where rental growth prospects look more attractive.”