Metric Property Investments has carried out its seventh acquisition with the purchase of Wick Retail Park in northeast Scotland for £10.3 mln (EUR 12 mln), reflecting an initial yield of 6.5%. Metric, a specialist retail real estate investment trust (REIT), will use its existing cash resources to finance the purchase.
Metric Property Investments has carried out its seventh acquisition with the purchase of Wick Retail Park in northeast Scotland for £10.3 mln (EUR 12 mln), reflecting an initial yield of 6.5%. Metric, a specialist retail real estate investment trust (REIT), will use its existing cash resources to finance the purchase.
The 60,700 square foot (5,600-m2) non-food retail park is fully let and anchored by Homebase, with an average passing rent of £11.10 per sq ft with an average unexpired lease term of 12.7 years. Upon settlement of 2011 rent reviews the running yield is expected to rise to 7.4%.
Other key tenants at the park include Carpetright, Argos, New Look, Superdrug and Pets at Home. Following this transaction, Metric has an investment portfolio of £119 mln across seven retail schemes with rents averaging £13.80 per sq ft, an unexpired lease term of 12.4 years, and occupancy of 99%, by rental income.
