LondonMetric/USS sell in Hull

By James Buckley - Wednesday, January 10, 2018 8:58

LondonMetric Property’s Metric Income Plus Limited Partnership, its joint venture with Universities Superannuation Scheme, has sold a B&Q warehouse in Hull for £11.6m, reflecting a blended NIY of 6.0%.

The 71,000 sq ft store was bought in November 2016 for £9.4 million with an unexpired lease term of 12 years.  It has been sold to an occupational pension fund.

Andrew Jones, Chief Executive of LondonMetric, said: “We continue to receive approaches for our retail assets at significant premiums to valuation and will react where we believe future returns can be enhanced by disposal and reinvestment.

“This is a good store for B&Q which has delivered very strong income and capital returns for MIPP during its ownership period.”

MIPP was advised by Knight Frank.

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