Metric Interim Management Statement released
Published: 08 July, 2011
Metric Property Investments has announced its interim management statement for the period from 1 April 2011 to 6 July 2011.
In that time Metric has acquired three retail properties off-market totaling £22.4m, including a 20,000 sq ft DFS unit in Sheffield, Tindale Cresent in Bishop Auckland and Longford Island in Cannock. Planning applications for all three, totaling 102,000 sq ft, have been submitted.
In addition, the REIT has agreed terms with new retailers on the asset management side, adding a further £350,000 to rental income per year.
Boots has taken possession of a unit at Congleton Retail Park in Manchester and will begin trading in August. Sports Direct has also agreed a 10 year lease at £80,000 per year.
New Look, Peacocks, and Pets at Home are due to commence trading at Launceston Retail Park in Cornwall and Topps Tiles’ lease is being re-geared at an adjacent site, extending the lease by 10 years and increasing rents from acquisition by 10 per cent across the two-unit site. Focus continues to trade as normal and will be rebranded by B&Q.
A planning application for Kirkstall in Leeds has been revised and is due to be submitted by the end of the summer.
And the new Currys PC World Megastore is open and trading above expectations at Nottingham Road Retail Park in Mansfield.
Metric’s chief executive, Andrew Jones, said: “We have made continued strong progress on acquisitions primarily focused on our redevelopment portfolio which will complement our existing schemes in Leeds, Bedford and Bristol. We are also making significant progress on our asset management initiatives, with planning gains, re-gears and new leases, resulting in a total rental uplift of £1.8 million since acquisition.
“The investment market for retail parks and food stores remains very tight, supporting the strong underlying fundamentals. Whilst we scrutinise the steady flow of shopping centres, we do not believe the current market offers opportunities to create sufficient value to justify existing pricing aspirations, but will continue to review the market and individual assets carefully. We remain highly focused on out of town retail properties which offer asset management opportunities off affordable rents and look forward to taking advantage of new opportunities over the coming months.”
