LondonMetric Property plc (LMP.L) Thursday said its joint venture with Universities Superannuation Scheme Ltd. has agreed to buy Trostre South Retail Park from charity company Benesco for 12.8 million pounds.
LondonMetric will fund the transaction entirely on its own using existing resources. Following the closure of the acquisition, LondonMetric's ownership in the joint venture, Metric Income Plus Limited Partnership, will rise to 42 percent.
MIPP will acquire the 75,400 sq ft retail park, whose average rent is 12.1 pounds psf and unexpired lease term is 14.7 years. The park is let to B&Q, Pets at Home and KFC, and has a vacant unit of 10,000 sq ft.
"Having reached the Joint Venture's original investment target in December today's transaction enables LondonMetric to make progress towards achieving a 50% ownership position," said Chief Executive of LondonMetric, Andrew Jones.
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