Thu, 03 Jul 2014 | COMMERCIAL PROPERTY
A 75,400 square foot retail park in Llanelli has been purchased by a joint venture called Metric Income Plus Limited Partnership.
The entity – a joint venture between LondonMetric Property and Universities Superannuation Scheme – has bought the site for £12.8 million from charity Benesco. B&Q, Pets At Home and KFC rent units on the park, and there is a vacant 10,000 square foot shop that was formerly home to Dreams.
The Trostre South Retail Park sits adjacent to the 450,000 square foot Trostre Shopping Park, which counts Tesco, Tex, Debenhams, BHS and Marks & Spencers as tenants.
The deal is to be funded by LondonMetric from its existing resources. After completing, LondonMetric’s stake in MIPP will increase to 42 per cent.
Metric Property Investments merged with London & Stamford and the Universities Superannuation Scheme in November 2012. At the time it had eight out-of-town parks, which are valued at £75 million, it now has 19 properties including its latest acquisition of the Llanelli retail park.
Its strategy is to buy up small, higher yielding, income-focused retail parks and units at a value of between £2 million to £20 million.
Commenting on the deal, Andrew Jones of LondonMetric said: “This acquisition is consistent with MIPP’s investment criteria and demonstrates that, despite a competitive transaction environment, the joint venture can continue to source attractive deals that will deliver strong income returns and asset management upside.”
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