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LondonMetric sells Milford Haven retail park

04 August 2017 08:03

LondonMetric Property has sold its retail park in Milford Haven for £15.3m.

LondonMetric acquired the 84,000 sq ft Havens Head Retail Park in 2010 for a net £14.2 million.

The park is anchored by a 38,000 sq ft Tesco food store with other retailers including Iceland, Boots, Home Bargains, Card Factory and Peacocks.

LondonMetric said it generated income of £1.1 million per annum and had a weighted unexpired lease term of 8.5 years.

It said the property had generated an ungeared return of 7.0% pa and had been sold at book value to the Port of Milford Haven.

Chief executive Andrew Jones said: "This disposal reflects our shift away from multi-let retail parks where we have successfully executed our business plans.

"As occupier and investor demand for physical retail becomes ever more polarised, we will continue to align our portfolio towards logistics and convenience retail in the strongest locations where we believe there is higher certainty of future income growth."

At 8:03am: (LON:LMP) LondonMetric Property share price was +0.35p at 167.85p

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