LondonMetric sells three retail parks

28th Nov 2013 07:12

Retail investment trust LondonMetric has disposed of three retail parks in two separate transactions, it announced Thursday. The group, which earned a total of £31.6m on the transactions, sold Nottingham Road Retail Park in Mansfield and St Mary's Road in Sheffield at a net initial yield of 6.77%. Through its joint venture with Universities Superannuation Scheme, MIPP, it also completed the sale of the Wickes unit in Oxford, at a net initial yield of 5.3%. Andrew Jones, Chief Executive of LondonMetric, said: "These disposals clearly endorse the validity of our business model by demonstrating the potential value that can be created through institutionalising good quality secondary stock and demonstrates the depth of demand amongst institutional investors for well let real estate assets. "The disposals allow us to crystallise attractive profits on cost and recycle our equity following completion of the asset management initiatives."NR