LondonMetric Property has sold its Alban Retail Park in St Albans for £5.75 million.
The 25,000 sq ft property was purchased in 2012 for £4.6 million at a NIY of 7.8%. The asset is let to Dunelm for a further four years and has been purchased by Dunelm Estates Limited.
The sale has generated an ungeared IRR of 15% (24% geared) and is slightly ahead of the March 2016 book value.
Chief executive Andrew Jones, said: “This is a very good asset that has supported our income compounding objectives as well as delivering a c20% profit on cost. “We will continue to respond to strong buying interest for our mature retail assets and monetise where we see preferable opportunities to reinvest.”
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