05. Juli 2012 
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Metric Property Investments announces two transactions
Metric Property Investments plc announces two transactions for a total gross consideration of 14 million British Pounds. On behalf of Metric Income Plus Limited Partnership, the 150 million British Pounds joint venture between Metric and Universities Superannuation Scheme established in November 2011, Metric has acquired the B&Q unit in Camborne, Cornwall from a private property company for 8.2 million British Pounds (net of acquisition costs), reflecting a net initial yield of 7.25%.
The 48,500 sq ft unit is let in its entirety to B&Q at an average rent of 13 British Pounds psf and has an unexpired lease term of 15.7 years. The unit is located adjacent to the 50,000 sq ft Camborne Retail Park. MIPP has invested 59.5 million British Pounds (net of acquisition costs) to date in a total of six schemes, yielding 7.3%. Rents across the MIPP portfolio average 14.80 British Pounds psf with an average unexpired lease term of 17.3 years. The portfolio is 100% occupied. Metric has acquired two prime high street units on Midland Road, Bedford from the receivers to a private property company for 5.7 million British Pounds (net of acquisition costs), reflecting a net initial yield of 7%. The units total 36,000 sq ft and were let to Next and Iceland in November 2011 off average rents of 22 British Pounds psf on lease terms of 10 and 15 years, respectively.
Metric has invested 242 million British Pounds (net of acquisition costs) across 24 schemes with rents averaging 13.50 British Pounds psf. Occupancy across the investment portfolio is 97.7% by rental income with an unexpired lease term of 11.8 years (11.0 years to first break). Andrew Jones, Chief Executive of Metric, commented: “We are continuing to leverage our occupier relationships and considerable financial resources to take advantage of market uncertainty to acquire good quality, well let real estate at attractive rents. We remain committed to further opportunistic purchases and growing our income portfolio within our MIPP joint venture to deliver post leverage double digit returns.” Jones Lang LaSalle advised Metric on Bedford.
The 48,500 sq ft unit is let in its entirety to B&Q at an average rent of 13 British Pounds psf and has an unexpired lease term of 15.7 years. The unit is located adjacent to the 50,000 sq ft Camborne Retail Park. MIPP has invested 59.5 million British Pounds (net of acquisition costs) to date in a total of six schemes, yielding 7.3%. Rents across the MIPP portfolio average 14.80 British Pounds psf with an average unexpired lease term of 17.3 years. The portfolio is 100% occupied. Metric has acquired two prime high street units on Midland Road, Bedford from the receivers to a private property company for 5.7 million British Pounds (net of acquisition costs), reflecting a net initial yield of 7%. The units total 36,000 sq ft and were let to Next and Iceland in November 2011 off average rents of 22 British Pounds psf on lease terms of 10 and 15 years, respectively.
Metric has invested 242 million British Pounds (net of acquisition costs) across 24 schemes with rents averaging 13.50 British Pounds psf. Occupancy across the investment portfolio is 97.7% by rental income with an unexpired lease term of 11.8 years (11.0 years to first break). Andrew Jones, Chief Executive of Metric, commented: “We are continuing to leverage our occupier relationships and considerable financial resources to take advantage of market uncertainty to acquire good quality, well let real estate at attractive rents. We remain committed to further opportunistic purchases and growing our income portfolio within our MIPP joint venture to deliver post leverage double digit returns.” Jones Lang LaSalle advised Metric on Bedford.
