LondonMetric Property sells retail parks for over £40m

LondonMetric Property has sold two of its retail parks for £43.4m, it announced Thursday.

The FTSE 250-listed company sold the Westcroft retail park in Milton Keynes for £27.2m and the Mountbatten retail park in Southampton for £16.2m.

Both parks were purchased by large UK institutional investors and reflected a blended net initial yield of 5.7% for the company.

Chief executive Andrew Jones said the retail market continues to evolve and this allows the firm "to create further value through active management of our assets".

“Over the last two years we have successfully created significant capital value on these assets by lengthening and strengthening the income stream, creating a product which is attractive to institutional purchasers," he said

He said the company will continue to recycle assets which have delivered on their business plans and where the proceeds can be reinvested into “accretive opportunities".