LONDON-Metric Property Investments, a REIT, and the pension fund Universities Superannuation Scheme have formed a joint venture, Metric Income Plus Ltd. Partnership, to acquire about $208 million of big box retail properties. Both entities are based in the United Kingdom.

In a Metric statement, the trust says the objective is to acquire small, high-yield big-box retail centers ranging in value from $3 million to $28 million for a period of five years. Metric will be responsible for all acquisitions and asset management initiatives and will receive a management fee of 0.4% per year of the gross asset value of the portfolio. The target portfolio yield will be 7%, according to the trust.

The MIPP venture has already contracted to acquire two properties for about $27.5 million. The venture will purchase Metric’s 30,000-square-foot retail center in Inverness. The property is not yet completed, but is preleased to DFS and Carpetright. In Swindon, MIPP agreed to acquire the 57,000-square-foot Fleming Way retail center, leased to the Range and Halfords at rents averaging about $19 per square foot.