LondonMetric sells three retail assets
Published: 15 March, 2017
Sales at Christchurch, Bedford and Maidstone retail parks total £60.9m
LondonMetric Property Plc (LondonMetric) announces that it has sold three retail parks in Christchurch, Bedford and Maidstone for £60.9m.
At Christchurch, the 104,000-sq ft retail park has been sold to clients of Orchard Street Investment Management for £34.5m. The property was purchased in 2013 for £27.1m and has since signed new tenants including Costa, DFS, Home Bargains and Subway.
The 66,000-sq ft Alban Retail Park, Bedford, has been sold to the Tritax Property Income Fund for £14.4 million. The property was acquired in 2010 for £9.2m and since then retail income has increased by over 30%.
At Maidstone, a DFS property has been sold to clients of Helix Property Advisors for £12m on behalf of the Company’s DFS joint venture. The property was acquired in March 2014.
Andrew Jones, Chief Executive of LondonMetric, commented: “These have been very successful investments and we will continue to sell our well let mature retail assets upon completion of their business plans. Our retail park investments have halved over the last two years and now represent 13 per cent of our total portfolio.”
LondonMetric was advised by Cushman & Wakefield on Christchurch and the purchaser was advised by Savills. On Maidstone and Bedford, the purchasers were advised by Edgeley Simpson Howe and Harvey Spack Field respectively.