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.”
A leading engineering firm focusing on electric power steering solutions and bespoke wiring harnesses serving various industries. It operates as two entities both reputable for maintaining high standards and offering bespoke solutions for clients. In...
Market-leading fruit and vegetable supplier distributing fresh produce and complementary goods both wholesale and D2C. The companys uncompromising drive for customer satisfaction has built strong relationships with across an enviable client base incl...
Turnkey construction services provider completing a range of projects with expertise across maintenance general refurbishment new build and conservation including work on listed buildings. The company provides full-service construction works utilisin...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.