LondonMetric Property Sells Wales Retail Park For USD15.3 Million

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LONDON (Alliance News) - Property investor LondonMetric Property PLC announced Friday it has sold a retail park in Wales for USD15.3 million.

The FTSE 250 company bought the Havens Head retail park in Milford Haven in 2010 for GBP14.2 million.

The retail park - which contains retailers Tesco PLC, Iceland Foods Ltd and Alliance Boots GmbH - produces income of GBP1.1 million and has a weighted unexpired lease term of 8.5 years. It generated an ungeared return of 7% per year.

LondonMetric 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."

Shares in LondonMetric were down 0.2% to 167.10 pence on Friday.

By Maryam Cockar; [email protected]; @MaryamCockar

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