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.

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

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
It's not just the UK – we're seeing pandemic housing booms across the globe
Property

It's not just the UK – we're seeing pandemic housing booms across the globe

Soaring house prices aren’t just a UK thing, they’re a worldwide phenomenon. And it’s no coincidence – the underlying cause is much the same. John Ste…
18 Jan 2021