LondonMetric sells 3 UK retail parks for €39m

LondonMetric Property has sold three UK retail parks in separate transactions for a total of £29.5 mln (€39 mln), reflecting a blended net initial yield of 5.8%.

The UK REIT divested the assets at Camborne, Haverhill and Bristol on behalf of Metric Income Plus Limited Partnership (MIPP), its joint venture with Universities Superannuation Scheme (USS). LondonMetric's share of the proceeds came to £14.7 mln.

The joint venture purchased the assets in 2012 and the sales crystallise a profit on cost of 25%, LondonMetric said.

Longwell Green Retail Park in Bristol has been sold to CBRE Global Investors for £12.6 mln, reflecting a net initial yield of 5.4%. The park has been refurbished, extended and re-tenanted and is now let to DFS, Carpetright, Costa Coffee and Subway for a further 15 years.

Camborne Retail Park in Cornwall has been sold to a private investor for £9.9 mln, reflecting a net initial yield of 6.1%. It is let in its entirety to B&Q for a further 12 years.

Cambridge Road Retail Park in Haverhill has been sold to a UK pension fund for £7 mln, reflecting a net initial yield of 6.1%. It is let to B&Q and Halfords for a further 12 years.