Metric Income Plus Limited Partnership, a 拢150 mln joint venture between LondonMetric Property and pension fund Universities Superannuation Scheme, has acquired a portfolio of five retail warehouse units in the UK in an off-market transaction.
Metric Income Plus Limited Partnership, a 拢150 mln joint venture between LondonMetric Property and pension fund Universities Superannuation Scheme, has acquired a portfolio of five retail warehouse units in the UK in an off-market transaction.
The vendor is Aberdeen Asset Management.
The total purchase price of 拢28 mln (鈧�34 mln), net of acquisition costs, reflects an average net initial yield of 7.2%, with an average unexpired lease term of just over 10 years.
The five Wickes retail units are located in Oxford (28,200 sq ft), Chatham (24,900 sq ft), Maldon (27,000 sq ft), Oldham (25,000 sq ft) and Barnsley (25,900 sq ft).
MIPP said it will use its 拢75 mln loan facility to finance the purchase which will produce an average cash-on-cash return of 10% per annum.
'We are already in detailed discussions with Wickes to materially extend the unexpired lease terms and progress various development initiatives, in partnership with them,' said Andrew Jones, CEO of LondonMetric.
MIPP was established in November 2011 and has invested 拢126 mln (net of acquisition costs) to date in a total of 16 schemes.
Harvey Spack Field advised LondonMetric.
