The retail parks in Camborne, Bristol, and Haverhill owned by the London Metric Property have been recently sold to different investors.
According to Europe Real Estate, the deal announcement came from London Metric Company about their joint project with different stakeholdes. These include Universities Suprannuation Scheme Ltd., the Metric Income Plus Limited Partnership. According to them, CBRE Global Investors, UK Pension, and a private investor each bought one of the retail parks.
London Stock Exchange, in its January 13th report, also said that CBRE Global Investors bought Longwell Green Retail Park located in Bristol. The Bristol park was bought for €16.6m with a 5.4 perecent NIY. The park is now let to Subway, Costa Coffee, DFS, and Carpet Right for 15 years after being refurbished.
The Haverhill Cambridge Road Retail Park was sold to the UK Pension fund for €9.3m, having a 6.1 percent reflected NIY. For 12 years, the property is leased to B&Q and Halfords.
On the other hand, the third retail park located in Cornwall, which is the Camborne Retail Park, was bought by a private investor for the cost of €13.2m. With a reflected 6.1 percent NIY, this property will be wholly tenanted by B&Q.
All these three retails stores were purchased in 2012 with a 25 percent profit from their costs. London Metric chief executive Andrew Jones suggested, "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."
Moreover, London Metric said that they will continue selling other assets that have matured over the years. The sales from these assets have already garnered retail disposal amounting to more than £130 million. Jones believe that selling their mature properties will bring more opportunities to the distribution sector.
Reportedly, there are third parties that helped the acquisition. These parties are MP Real Estate, CWM, and Harvey Spack Field. CBRE Global Investors got CWM's advice on the Longwell Green Retail Park in Bristol.
Moreover, MP Real Estate left the Haverhill advise to the UK Pension.
