London Metric Property has announced that the Metric Income Plus Limited Partnership (MIPP), its joint venture with the Universities Superannuation Scheme, has sold its Lichfield retail park to Mayfair Capital for £13.3 million. The sale reflects a net initial yield of 5.8 per cent, rising to 6 per cent in June.
The 44,800 sq ft retail park, whose occupiers include Wickes, Halfords, Carpetright, Bensons for Beds and Pets at Home, was purchased in October of 2012, and the sale generates a return on equity of 50 per cent.
In a separate deal, MIPP has disposed of its B&Q retail park in Londonderry for £18 million.
Chief Executive of LondonMetric, Andrew Jones, said: “Both are strong assets that have given us terrific cash returns and attractive capital gains.
“However we now believe that there are other opportunities available for us that better suit our ability to institutionalise under-managed assets”.
Following these sales, MIPP now holds 22 assets valued at £195million.
London Metric focuses on investment in out-of-town retail parks and distribution properties throughout the UK.
The Universities Superannuation Scheme has total assets of approximately £48 billion, and property assets of £2.9 billion.
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