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LondonMetric steps away from retail parks after trio of disposals totalling £61m

Property investment group, LondonMetric has announced it has disposed of three retail assets as it continues to diversify its portfolio.

The investor announced to the stock exchange this morning that it had sold its considerations in retail parks at Christchurch, Bedford and a retail unit in Maidstone for a total of £60.9m and received £52.6m for its own share.

In Christchurch, the firm has disposed of the 104,000 sq ft Christchurch Retail Park to clients of Orchard Street Investments for £34.5m after acquiring the site back in 2013 for £27.1m.

Elsewhere, LondonMetric has received £14.4m for Alban Retail Park from Tritax Property Income Fund after it acquired the 66,000 sq ft park, which includes tenants such as B&M and Dunelm, in 2010 for £9.2m.

Finally, the group has disposed of its DFS property in Maidstone for £12m to Helix Property Advisors on behalf of its DFS joint venture after acquiring the site as part of a portfolio of DFS stores back in March 2014.

Following completion of the three deals, 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% of our total portfolio.

“The sale proceeds will be invested into our logistics investment and development programmes where rental growth prospects look more attractive.”

In the Christchurch deal, LondonMetric was advised by Cushman & Wakefield while the purchaser was advised by Savills. While in Maidstone and Bedford, the purchasers were advised by Edgeley Simpson Howe and Harvey Spack Field.

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