LondonMetric has purchased a portfolio comprising two NNN retail properties for £23.3 million, reflecting a blended NIY of 6.7%.
The retail properties generate a rent of £1.6 million p.a., which equates to £13.90 psf.
They have a WAULT of six years and comprise;
– a 76,000 sq ft property in Evesham, which is predominantly let to The Range and Halfords with other occupiers including Costa, Greggs and Pets at Home; and
– a 42,000 sq ft property in Burton-upon-Trent, which is let to Dunelm, Halfords and Pets at Home.
Andrew Jones, Chief Executive of LondonMetric, commented: “These assets are let to the winning retailers across the discount, auto and pets sectors and offer multiple opportunities to leverage our asset management capabilities. The transaction provides an attractive entry price and income yield, which is circa 300bps higher than where long income grocery assets are trading.”
