Member Article

LondonMetric sells off two UK retail parks for £55m

Property firm LondonMetric Property has sold off two of its larger retail park assets for a combined total of £55m.

The London-headquartered business has capped off what it describes as an ‘intense period of asset management’ with the double sale, as it looks to redouble its focus on the logistics sector.

Kings Lynn’s Pierpoint Retail Park has been snapped up by the Tritax Property Income Fund for £24m while a local investor has paid £30.7m for the Damolly Retail Park in Newry, Northern Ireland.

LondonMetric purchased the Kings Lynn shopping centre in 2011 for £15,1m in which time the retail venue has undergone significant refurbishment and secured six new lettings that includes Next, B&M and Poundland.

Damolly Retail Park was purchased by the investment firm in 2010 and in the interim welcomed the likes of Lidl, Pets at Home and Home Bargains as new tenants on the site.

Andrew Jones, Chief Executive of LondonMetric, said the sales represented a chance to ‘monetise’ two of the property investor’s biggest retail park investments, and follows a pattern of similar retail disposals in the past few months.

He commented: “The investments have delivered positive returns over their period of ownership but it is now opportune to reinvest the monies into investment and development opportunities within our favoured logistics sectors where rental growth prospects look more attractive.”