Metric Buys UK Retail Park
UK-REIT Metric Property Investments Plc has acquired a UK retail park from Land Securities Plc for £14.4 million (€17.3 million). The property, Havens Head Retail Park in Milford Haven, totals 8,000 square metres of space, including a 3,500-square-metre Tesco store. Other tenants include Boots, Peacocks and Littlewoods.
“This is our first on-market acquisition and it represents a good opportunity to acquire a long-dated food store and open A1 retail park investment off low rents and at an attractive yield,” says Andrew Jones, chief executive of Metric. “There are asset management opportunities to further extend the Tesco store, increase the rental tone and to continue to improve the tenant mix.”