StockMarketWire.com - LondonMetric said Monday it had sold its retail park in Martlesham Heath, Ipswich, for £22m reflecting a net income yield of 5.2%.

The property had generated a profit on cost of 40% and an ungeared return of 13% a year and was sold to a long-term investor and reflected a premium to March 2018 book value, the company said.

The retail park was acquired in 2013 for £10.4m.

'Whilst demand for physical retail assets continues to polarise rapidly, investor appetite for long and strong income remains healthy. The sale is in line with our strategy of divesting our last remaining operational retail assets upon completion of their business plans. We retain three retail parks within our direct portfolio reflecting 5% of our assets,' said Andrew Jones, Chief Executive of LondonMetric.






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