09 August 2017
London
Reporter: Jenna Lomax

LondonMetric gains retail park for £28.3 million


LondonMetric Property has acquired Burlington Retail Park in London, from a large UK institutional investor, for £28.3 million.

The 51,500-square metre unit is currently let to Currys PC World, Dixons Carphone and Dreams.

According to LondonMetric, the retail park will generate a total income of £1.85 million with a weighted average unexpired lease term of 14.4 years.

The purchase comes shortly after LondonMetric sold Havens Head Retail Park in Milford Haven for £15.3 million.

Andrew Jones, CEO of LondonMetric said: “This investment is in line with our strategy of acquiring logistics and convenience retail assets in the strongest locations and with high occupier contentment. It provides us with a very attractive yield on cost with the certainty of future income growth and the comfort of a high intrinsic land value.”

“This is an outstanding trading location and we look forward to working with both occupiers to maximise the full potential from the property.”

LondonMetric was advised by Cortex and Curzon Sowerby. The vendor was advised by Savills.

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