LondonMetric sells PC World property in Hove for £13.6m

LondonMetric Property has sold its PC World property in Hove to clients of Aberdeen Asset Management for £13.6m, reflecting a net initial yield of 5.4%.

The property company acquired the asset for £8.1m and recently signed a new 15-year lease with PC World at a new rent of £0.8m per year on an extended 28,000 square ft store.

Chief executive Andrew Jones said: “This asset has generated attractive returns and the sale reflects the continuing strong institutional demand for well-let property.

“We will continue to sell down retail assets which have delivered on their business plans and recycle into our growing distribution portfolio and developments.”