LondonMetric Property sells retail park and buys 37-acre site
Thu, 27 Nov 2014 | COMMERCIAL PROPERTY
LondonMetric Property plc, a company focused on investing in retail and distribution properties across the UK and real estate in Greater London, has been busy with property transactions lately.
It has sold Cairngorn Retail Park in Milton Keynes to Royal London Asset Management for £21.8 million, having bought the park in January 2013 as one of six similar parks, together termed the ‘Saturn portfolio’, during a period of market illiquidity.
Extending to 57,40 sq ft. the park is let to home furniture businesses Oak Furniture land, Furniture Village, DFS, Carpetright and ScS who pay an average rent of £24.50 per square foot.
The company is simultaneously making progress with its acquisition of a 37-acre site from Bedford Borough Council, having exchanged contracts. The site has capacity for up to 750,000 sq. ft. of distribution space.
To pursue its site development plans LondonMetric will have to obtain the necessary planning permission. It aims to submit its application for the development in the autumn of 2015, win consent later in the year and complete its build in 2017.
Andrew Jones, chief executive of LondonMetric commented: “These transactions are further evidence of our strategy to recycle capital out of assets where we have completed our business plans and invest the proceeds into opportunities where we can use our extensive property skills to deliver future value to shareholders.”
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