LondonMetric sells St Albans retail park to Dunelm Estate Ltd.

3rd Nov 2016 08:50

(ShareCast News) - LondonMetric Property has sold its Alban Retail Park in St Albans to Dunelm Estate Limited for £5.75m.The disposal has generated an internal rate of return of 15% and is slightly ahead of the March 2016 book value.LondonMetric bought the 25,000 sq ft property in 2012 for £4.6 million at a net initial yield of 7.8%. "This is a very good asset that has supported our income compounding objectives as well as delivering a circa 20% profit on cost," said chief executive Andrew Jones."We will continue to respond to strong buying interest for our mature retail assets and monetise where we see preferable opportunities to reinvest."