LondonMetric sells Milford Haven retail park for £15.3m
LondonMetric Property has sold its retail park in Milford Haven for £15.3m.
FTSE 250
20,052.33
17:15 02/05/24
FTSE 350
4,492.44
16:49 02/05/24
FTSE All-Share
4,446.15
17:04 02/05/24
LondonMetric Property
198.80p
16:40 02/05/24
Real Estate Investment Trusts
2,286.63
16:49 02/05/24
The 84,000 sq ft Havens Head Retail Park was purchased back in 2010 for £14.2m and is anchored by a 38,000 sq ft Tesco food store with other retailers including Iceland, Boots, Home Bargains, Card Factory and Peacocks. It generates income of £1.1m a year and has a weighted unexpired lease term of 8.5 years.
The property has generated an ungeared return of 7% per year and was sold at book value to the Port of Milford Haven.
Chief executive Andrew Jones said the sale reflects LondonMetric’s shift away from multi-let retail parks, where it has “successfully” executed its 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,” he said.