Member Article

Metric Income Plus Limited Partnership sells three retail parks for £29.5m

A joint venture between property investment and development firm London Metric Property Plc and Universities Superannuation Scheme Ltd, one of the UK’s largest pension schemes, has sold three retail parks for almost £30m.

The three sites which made up The Metric Income Plus Limited Partnership completed the sale of sites at Camborne, Haverhill and Bristol for £29.5m, with London Metric taking a £14.7m share of the spoils.

Longwell Green Retail Park in Bristol has been sold to CBRE Global Investors for £12.6m. 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, which is currently let in its entirety to B&Q, has been sold to a private investor for £9.9m.

Cambridge Road Retail Park in Haverhill has been sold to a UK pension fund for £7m, where B&Q and Halfords currently let the site.

All three assets were purchased in 2012 and the sales crystallise a profit on cost of 25%.

Andrew Jones, Chief Executive of LondonMetric, said: “These three assets have benefited from yield compression of 200bps since their acquisitions in 2012 and, following recent lettings and rent reviews, have now delivered on their business plans.

“These sales bring our retail disposals in the financial year to over £130 million. We will continue to sell down our mature assets and recycle into more accretive growth opportunities in the distribution sector and through our development pipeline.”