LondonMetric's joint venture completes assets sale
Property group LondonMetric said its Metric Income Plus Partnership joint venture has sold two assets for a combined market valuation of £31.3m.
Lichfield retail park property in Staffordshire was sold by the joint venture for £13.3m to Mayfair Capital's MCCPT fund, with LondonMetric set to receive from £6.7m from the transaction.
Metric Income Plus has also completed the sale of its B&Q retail park in Londonderry, Northern Ireland, for £18m.
"Both are strong assets that have given us terrific cash returns and attractive capital gains,” said LondonMetric chief executive Andrew Jones.
“However we now believe that there are other opportunities available for us that better suit our ability to institutionalise under-managed assets."
LondonMetric shares were down 0.72% to 166.40p at 08:44 on Monday.