Metric buys in Launceston
Published: 05 August, 2010
Metric Property Investments has made its second acquisition since floating in March this year, buying the Launceston Retail Park in Cornwall for £13.5m, reflecting an initial yield of 5.86 per cent.
The prime Open A1 scheme, visible from A30, was developed by Gallagher and counts Coop Homemaker, Argos, Focus and Shoe Fayre among its tenants.
The deal follows the £31.5 m acquisition of the Damolly Retail Park in Newry, where Mothercare has subsequently taken the last vacant unit, increasing the average rent across the park from £12.70 to £14.10 per sq ft.
With remaining firepower in excess of £280m, including anticipated debt, Metric Chief executive Andrew Jones believes the company is is well-positioned to take advantage of investment opportunities arising from current market conditions.
He said: “Our purchase of Launceston Retail Park complements our existing investment in Newry and satisfies the key investment criteria we set out at the time of the IPO. Both properties offer significant opportunities for our active programme of asset management initiatives to grow rental income,which we aim to deliver over the short to medium-term.”
