LondonMetric has sold its Kirkstall retail park in Leeds for £25.2m.
The 18-unit, 120,000 sq ft Kirkstall Bridge Shopping Park was bought by a UK institutional investor.
LondonMetric bought the site in 2011 and developed it in 2015. The sale price represents a 15% premium to the 31 March 2021 book value and a total return on cost of 27%.
LondonMetric chief executive Andrew Jones said: “This is a strong trading retail park and its sale is in line with our strategy to divest our last few remaining multi-let retail parks. We have seen an uptick in investor interest for well let and located retail parks, which is reflected in the sale price achieved.”
He added that the FTSE 250 REIT would continue to focus on urban logistics and convenience-led long income. “The sale proceeds will be allocated into these sub-sectors,” he said.
LondonMetric was advised by Morgan Williams and Avison Young. The buyer was advised by Bruce Gillingham Pollard.
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