Metric buys Coventry retail park for EUR 21m

UK specialist REIT Metric Property Investments has exchanged contracts on the acquisition of Airport Retail Park, Coventry from Citi Property Investors for £18 mln (EUR 21 mln).

Metric is using its existing cash resources to finance the purchase.

The park is currently 89% occupied by rental income, with one vacant unit. The net initial yield on the retail park is 6.15% which is expected to rise to 6.9% upon letting of the vacant unit. The average unexpired lease length stands at 10.6 years.

The park provides 9,500 m² of retail space with current occupiers including Currys, PC World, Dunelm, Dreams and Halfords. The acquisition includes 1.6 acres of adjoining land with the opportunity to develop additional space, subject to planning consent.

Following the transaction, Metric has committed approximately £83 mln, or 45% of the net proceeds from its IPO which took place less than six months ago.

Wilkinson Williams advised Metric on the acquisition.