The Metric Income Plus Limited Partnership (MIPP), the joint venture between LondonMetric and the Universities Superannuation Scheme (USS), has sold Lichfield Retail Park to Mayfair Capital’s MCCPT for £13.3 million.
The deal reflects a yield of 5.8%. The 44,800 sq ft retail park, anchored by Wickes, with 4 other units let to Carpetright, Halfords, Pets at Home and Bensons for Beds, was purchased in October 2012 and has generated a return on equity of 50%.
Separately, MIPP has sold its B&Q retail park in Londonderry for £18 million.
Following these disposals, MIPP now comprises 22 assets, with a value of £195 million.
Andrew Jones, Chief Executive of LondonMetric, said:-
“Both are strong assets that have given us terrific cash returns and attractive capital gains, however, we now believe that there are other opportunities available for us that better suit our ability to institutionalise under-managed assets.”
Wilkinson Williams advised Mayfair Capital.
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