LondonMetric Property has sold a retail park in Martlesham Heath, Ipswich, for £22m, reflecting a net initial yield of 5.2%.
The investor bought the 48,000 sq ft retail park in 2013 for £10.4m and current tenants include Hobbycraft, Mountain Warehouse, Card Factory, Shoe Zone and Poundland, and M&S which recently extended its foodhall to 20,000 sq ft on a new 15 year lease.
LondonMetric chief executive, Andrew Jones, said: “Whilst demand for physical retail assets continues to polarise rapidly, investor appetite for long and strong income remains healthy.
“The sale is in line with our strategy of divesting our last remaining operational retail assets upon completion of their business plans. We retain three retail parks within our direct portfolio reflecting 5% of our assets.
“Our investments will continue to target high quality opportunities within the logistics and convenience sectors where income certainty is greater and income growth prospects are superior.”
