- LondonMetric Property said Monday it had sold its retail park in Launceston for £21.9m, reflecting a net initial yield of 5.6%.

The approximately 70,000 square foot retail park was acquired in August 2010 for £13.5m and formed part of the original Metric portfolio.

The property generated a profit on cost of 13% and an ungeared return of 7% a year, and had been sold above March 2018 book value to a long term investor.

'This disposal is in line with our strategy to reduce our ownership of operational retail assets once business plans have been executed. Following the sale, we will own only four retail parks,' said Andrew Jones, Chief Executive of LondonMetric.

'Demand for physical retail assets continues to polarise and so future investments will be targeted within the logistics and convenience sectors where income growth prospects are superior.'

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