LondonMetric Propertyhas sold three retail parks in Christchurch, Bedford and Maidstone for £60.9 mln (€70 mln).
The UK REIT's share of the transactions came to £52.6 mln.
At Christchurch, the 104,000 sq ft (6,990 m2) retail park has been sold to clients of Orchard Street Investment Management for £34.5 mln, reflecting a NIY of 5.65%. The property was purchased in 2013 for £27.1 mln and since then new lettings have been signed with Costa, DFS, Home Bargains and Subway. The WAULT is 7.0 years.
At Bedford, the 6,131 m2 Alban Retail Park was sold to the Tritax Property Income Fund for £14.4 mln, reflecting a NIY of 5.9%. The property was acquired in 2010 for £9.2 mln and, following asset management initiatives with B&M, Dunelm and Gym Group, rental income has increased by over 30%. The WAULT is 8.3 years.
At Maidstone, a DFS property has been sold to clients of Helix Property Advisors for £12 mln on behalf of the Company’s DFS joint venture, reflecting a NIY of 7.5%. The property was acquired in March 2014 as part of a portfolio of DFS stores off an overall NIY of 9.3%. The joint venture retains 12 stores.
