Specialist retail REIT Metric Property Investments has reported a NAV of 97p per share in its maiden set of results.
The company, which is led by former head of retail at
During the period, it has acquired five properties for £91.9m including costs, comprised of four out-of-town retail parks and a Morrisons supermarket.
Its property portfolio is now valued at £93.9m, representing an uplift of 7.1% over the purchase price.
Following the period end, the company has also exchanged contracts to buy the
It has invested or committed 67% of the net proceeds from the IPO to date.
The group has around £230m of firepower remaining – including anticipated debt and has just secured a £50m five-year credit facility with RBS.
Jones said: “We have made good progress investing the proceeds of our IPO with acquisitions totalling £92m during the period and a further £26m committed post period end.
“Our growing portfolio of out of town assets benefits from long, secure income, off low passing rents with high occupier contentment which is evidenced by the execution to date of some of the profitable asset management initiatives inherent within the portfolio.
“Our significant financial firepower combined with our extensive experience in the retail property market leaves us well placed to exploit the increasing flow of investment opportunities we are seeing both on and off the market.”
bridget.oconnell@estatesgazette.com
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