LONDON—LondonMetric Property Plc, a UK REIT, has exchanged on the acquisition of Martlesham Heath Retail Park, Ipswich from clients of JPMorgan Asset Management.
The purchase price is $15.8 million (£10.35m) (net of acquisition costs) reflecting a net initial yield of 6.5%. The acquisition will be funded from existing resources.
The project comprises 47,850 sq ft across six units, anchored by a new 15,000 sq ft M&S Simply Food. There is a 5,000 sq ft vacant unit where letting negotiations are at an advanced stage. On conclusion of this letting the yield will rise to 7.4%.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
