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LondonMetric Property disposes of ‘mature assets’ in £16m retail sale

Real estate specialists LondonMetric Property plc have announced the disposal of three retail outlets for a combined total of £15.9m.

The London-headquartered firm, as part of its Metric Income Plus Limited Partnership with pension fund Universities Superannuation Scheme, has sold three properties in Bridgwater, Chatham and Grimsby.

The first, a 33,000 sq ft Range Store in Bridgwater, Somerset was sold to an international investor for £4.9m; the second, a 21,000 sq ft Wickes store in Grimsby was also sold to an unnamed international investor for £4.1m.

A third property, a 26,000 sq ft Wickes store in Chatham, was the biggest deal of the three with Frank Knight Investment Management snapping up the retail outlet for £6.9m.

Following the disposals announcement, Andrew Jones, Chief Executive, explained how the sales fit in with LondonMetric’s portfolio strategy.

He commented: “Since acquisition, these assets have generated strong income return and material yield compression. There is healthy buying interest across our retail portfolio and we will continue to sell mature assets, recycling into opportunities that offer better income and income growth prospects.”

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