LondonMetric Property announces 92.4m pound retail portfolio acquisition

LondonMetric Property has unveiled its first interim management statement following the completion of the merger of London & Stamford Property and Metric Property Investment.

The company announced that in the period from October 1st 2012 to February 1st 2013 it had exchanged contracts to acquire a portfolio of six retail warehouse assets for £92.4m, reflecting a net initial yield of 7.8%.

It further reported that it had disposed of its 15.7% share in Meadowhall Shopping Centre, realising £95.8m net of debt at a net initial yield of 5.1%.

The company further reported the completion of the acquisition of 107 residential units in Islington, London, for £45.7m and reported the acquisition on behalf of Metric Income Plus Partnership of three retail parks for £20.7m.

Andrew Jones, Chief Executive Officer of LondonMetric, said: "We are excited to have announced the £92.4m retail portfolio acquisition so soon after completing the merger, as well as the value enhancing asset management activity that has been undertaken across the portfolio, while the merger was being progressed.

"We are also looking at capitalising on our strong retailer relationships to provide real estate solutions in the distribution sector. This is a sector where demand from retailers is now dominating space requirements as they continue to respond to the growth in multi-channel retailing.

MF