Metric adds Nottingham retail park to portfolio

UK specialist REIT Metric Property Investments has acquried Nottingham Road Retail Park, Mansfield, UK from private clients of CBRE Investors.

Metric is using its existing cash resources to finance the £7.25 mln (EUR 8.5 mln) purchase.

The park provides 4,400 m² of retail space over three units, two of which are currently occupied by Dixons Retail, trading as PC World and Currys, with the remaining 1,500-m² unit vacant, having previously been let to MFI. The current average passing rent is £13.30 per square foot.

Following this acquisition, Metric has spent or committed approximately £90 mln, representing almost 50% of the net proceeds from its IPO which took place less than six months ago.

Savills advised Metric on the acquisition.