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Metric, USS Pair for $208M Retail Purchases

LONDON-The REIT and the pension fund will seek big-box retail centers throughout the United Kingdom that range in value from $3 million to $28 million.

By Robert Carr | Updated on November 15, 2011

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.

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