2010

14 December 2010

Metric Property Investments Acquires Havens Head Retail Park, Milford Haven for £14.4 million

Metric has completed the acquisition of Havens Head Retail Park, Milford Haven from Land Securities PLC for £14.4 million, reflecting an net initial yield of 6.8%. The park comprises 85,700 sq ft of Open A1 space and is anchored by a 38,000 sq ft Tesco with an unexpired lease term of 17 years. The scheme has eight units, and tenants include Boots, Peacocks, and Littlewoods with an average passing rent of £12.10 psf and an unexpired lease term of 13.8 years. Metric will use its existing cash resources to finance the purchase.

The full article can be found in the attached file.

22 November 2010

Metric Property Acquires Alban Retail Park, Bedford

Metric has exchanged on Alban Retail Park, Bedford from Parkridge, a private development and investment company, for £9.2 million, reflecting an initial yield of 6.3%. The park comprises 65,000 sq ft of restricted Open A1 space let to Focus and Dunelm off a low average rent of £9.40 psf and an unexpired lease term of 3.5 years. Upon settlement of outstanding rent reviews the running yield is expected to rise to 7.1%. Metric will use its existing cash resources to finance the purchase.

The full announcement can be found in the attached file.

17 November 2010

Metric Property Announces Interim Results to September 2010

Metric has exchanged on Wick Retail Park, North East Scotland for £10.3 million, reflecting an initial yield  of 6.5%. The 60,700 sq ft Open A1 (non food) retail park has low average passing rents of £11.10 psf with an average unexpired lease term of 12.7 years. Metric will use its existing cash resources to finance the purchase.

The full article can be found in the attached file.

17 November 2010

Metric Property Makes Seventh Acquisition with Purchase of Wick Retail Park, Scotland

Metric has exchanged on Wick Retail Park, North East Scotland for £10.3 million, reflecting an initial yield  of 6.5%. The 60,700 sq ft Open A1 (non food) retail park has low average passing rents of £11.10 psf with an average unexpired lease term of 12.7 years. Metric will use its existing cash resources to finance the purchase.

The full article can be found in the attached file.

15 November 2010

Metric Property Exchanges New Carpetright lease at Airport Retail Park, Coventry and Commences Lidl Unit at Damolly

Metric exchanged contracts with Carpetright plc on a 8,500 sq ft unit at its Airport Retail Park, Coventry for a new 10 year lease at a headline rental of £17.50 psf on the remaining vacant unit on the scheme. At Damolly Retail Park, Newry Metric announces that following receipt of full planning permission, constructin has now commenced on a new 14,000 sq ft Lidl food store on land adjoining the existing retail park. Lidl has exchanged a new 15 year lease at a headline rental of £15.75 psf with trading expected to commence in March 2011.

The full announcement can be found in the attached file.

12 October 2010

Metric Property to Acquire Congleton Retail Park South Manchester and Secures New Dixons Lease at Nottingham Road Retail Park, Mansfield

Metric has conditionally exchanged contracts to acquire Congleton Retail Park, South Manchester from North West based investor and developer Bluemantle, for £14.86 million. The 65,000 sq ft retail park benefits from an Open A1 planning consent, including food, and has recently secured a new letting to M&S Simply Food which is scheduled to open at the end of October.  The park has one vacant 4,000 sq ft unit and there is also an opportunity to develop an additional 7,000 sq ft unit (subject to planning). The purchase reflects a net initial yield of 5.7%, rising to 6.4% upon settlement of 2010 rent reviews and letting of the vacant unit. Metric will use its existing cash resources to finance the purchase. Completion is scheduled for June 2011.

The full announcement can be found in the attached file.

23 September 2010

Metric Property Acquires Nottingham Road Retail Park, Mansfield

Metric has exchanged contracts on the acquisition of Nottingham Road Retail Park, Mansfield from private clients of CBRE Investors for £7.25 million.  The park provides 47,100 sq ft of retail space over three units of which two are currently occupied by Dixons Retail, trading as PC World and Currys, with the remaining 16,000 sq ft unit vacant, having previously been let to MFI. The current average passing rent is £13.30 psf. Metric will use its existing cash resources to finance the purchase.

The full announcement can be found in the attached file.

16 September 2010

Metric Property Aquires Airport Retail Park, Coventry for £18 million

Metric has exchanged contracts to acquire Airport Retail Park, Coventry from Citi Property Investors for £18 million. The restricted Open A1 park is currently 89% occupied by rental income, with one vacant unit. The net initial yield of 6.15% which is expected to rise to c 6.9% upon letting of the vacant unit. The average unexpired lease length stands at 10.6 years. Metric will use its existing cash resources to finance the purchase.

The full article can be found in the attached file.

06 September 2010

Metric Property - To acquire Morrisons Anchored Retail Asset in Loughborough

Metric has exchanged contracts to acquire Gorse Covert Shopping Centre, Loughborough from a private investor for £16.8 million, reflecting a net initial yield of 5.72% and an equivalent yield of 6.00%. The property is subject to an overriding lease to Morrisons at annual passing rent of £1,017,000. Metric will use its existing cash resources to finance the purchase.

The full announcement can be found in the attached file.

14 August 2010

Estates Gazette: Economic slowdown is disguising a bigger shift in retail spending

Source: www.egi.co.uk

The current economic environment is disguising a structural shift that is taking place in the UK retail property market. One of the consequences of the economic slowdown has been a material increase in the number of vacant shop units that we have seen spring up in town centres following a number of very well known names - including Bay Trading, Woolworths, JJB, Faith, Barratts, Birthdays and Adams - reducing in number or disappearing altogether through administration, pre-pack or company voluntary arrangement.


The full article can be found in the attached file.

05 August 2010

Metric Property - Acquires Launceston Retail Park, Launceston

Metric Property Investments plc, a UK specialist retail real estate investment trust, announces the exchange and simultaneous completion of its acquisition of Launceston Retail Park, Launceston. Metric has acquired the retail park for £13.5 million, reflecting a deemed initial yield of 5.86%. The 69,000 sq ft retail park is fully let off a low average passing rent of £11.20 psf with an average unexpired lease term of 14.8 years. The Company has used its existing cash resources to finance the purchase.

The full article can be found in the attached file.

05 August 2010

Metric Property - Interim Management Statement

Metric Property Investments plc (LSE: METP), a UK specialist retail real estate investment trust, today announces its interim management statement for the period to 4 August 2010.

Highlights:

  • Successfully completed  a £190 million flotation on the main market of the London Stock Exchange on 24 March 2010 at 100p per share, becoming the first UK property company to enter the REIT regime at its IPO debut
  • Issuance oversubscribed, exceeding original target of £150 million
  • Became a member of the FTSE Small Cap Index effective 21 June 2010
  • Approximately £48 million of net IPO proceeds invested or committed since flotation:
  • Made first acquisition, Damolly Retail Park, Newry for £31.5 million and, within weeks, announced that Mothercare had been secured as a tenant on the remaining vacant space, increasing the average rent across the park from £12.70 to £14.10 psf
  • Acquisition of Launceston Retail Park, Launceston, announced this morning, for £13.5 million, reflecting a deemed initial yield of 5.86%
  • With remaining firepower in excess of £280 million (including anticipated debt), Metric is well-positioned to take advantage of investment opportunities arising from current market conditions.

The full article can be found in the attached file.

08 July 2010

Metric Property – Completes acquisition of Damolly Retail Park and exchanges new Mothercare lease

Metric has completed the acquisition of Damolly Retail Park, Newry, and adjoining development site for an initial payment of £28.4 million, reflecting a net initial yield of 6.25%.

Metric is also pleased to announce that Mothercare has exchanged contracts to take a new 10 year lease at a headline rental of £20 psf on the remaining vacant unit on the scheme, increasing the average rental across the scheme from £12.70 psf to £14.10 psf with an average unexpired lease term of 14.1  years. This transaction will trigger a top-up payment of £3.1 million to the vendor when the lease with Mothercare completes.

The full article can be found in the attached file.

17 June 2010

Metric Property - To acquire Damolly Retail Park, Newry

Metric has exchanged contracts to acquire Damolly Retail Park, Newry, Northern Ireland from Corbo, a private property company, for an initial payment of £28.4 million, reflecting a net initial yield of 6.25%.

Metric will use its existing cash resources to fund the purchase. The retail park comprises 150,000 sq ft of retail space arranged across nine units let to a range of high quality tenants including B&Q, Smyths Toys, Carpetright, Next and Currys off a low average rental of £12.70 psf.

The full article can be found in the attached file.

30 April 2010

Metric Property – Announces first appointments

Metric announces its first new appointments following its successful £190 million floatation on the London Stock Exchange in March 2010. William Evers has joined as Investment Executive to support the Company’s investment drive. William joins from LaSalle Investment Management. Juliana Weiss Dalton has joined as Head of Investor Relations and Corporate Analysis and Richard Howell has joined as Financial Controller.

The full article can be found in the attached file.

31 March 2010

Metric Property - Admission of ordinary shares, voting rights and capital

Metric announces  that,  following  the exercise of  the Over-allotment Option  in  full, as announced on 26 March 2010, an additional 15,000,000 Ordinary Shares were admitted to the Official List and to trading on the main market of the London Stock Exchange at 8.00 a.m. today.  The Company's share capital consists of 190,000,000 Ordinary Shares.

The full article can be found in the attached file.

26 March 2010

Metric Property - Exercise of Over-allotment Option and end of Stabilisation Period

Metric announces that, in connection with the Placing and Offer for  Subscription of its securities (the “Issue”) and its admission to the Official List and to trading on the main market of the London Stock Exchange, J.P. Morgan Cazenove, as stabilising manager, has today given notice to exercise in full the Over-allotment Option in respect of 15,000,000 Ordinary Shares of the Company (the “Over-allotment Shares”) at the Issue Price of 100 pence per Ordinary Share, as described in the Prospectus published by the Company and dated 8 March 2010, raising additional gross proceeds for the Company of £15 million.

The full article can be found in the attached file.

24 March 2010

Metric completes IPO and is admitted to trading on LSE

Metric Property Investments plc (“Metric” or the “Company”), a UK-incorporated specialist retail property investment company, today announces the successful completion of its Initial Public Offering ("IPO") and that admission to trading on the main market of the London Stock Exchange (“Admission”) under the ticker "METP" took place at 8.00 a.m. this morning.

Metric successfully raised £175 million and is a real estate investment trust (“REIT”) on Admission. The Company will use the proceeds to take advantage of the significant opportunities for value creation that the Directors believe exist in the retail sector as a result of the current cyclical downturn and structural re-pricing. The Company's objective is to generate attractive returns with sustainable income and strong capital appreciation through its occupier-led, active management strategy and the Property Directors' strong retailer, property investor and banking relationships.

The full article can be found in the attached file.

19 March 2010

Metric Property-Stabilisation Notice

The Board of Metric Property Investments plc (“Metric” or the “Company”), a UK-incorporated specialist retail property investment company, today announces that it has raised gross proceeds of £175 million (before the exercise of the Over-allotment Option) at a price of 100 pence per share (the “Issue Price”) by means of a Placing and Offer for Subscription of Ordinary Shares in the Company (the “Issue”).  This exceeds the Company’s initial target to raise gross proceeds of £150 million, as announced on 8 March 2010.

Metric has applied for admission to trading on the main market of the London Stock Exchange (the “LSE”) (“Admission”), which is expected to take place on 24 March 2010.  The Company will be a real estate investment trust (“REIT”) on Admission.

Conditional dealings in Metric’s Shares are expected to begin today at 8.00 a.m. and unconditional dealings in Metric’s Shares are expected to commence on 24 March 2010 at 8.00 a.m. under the ticker METP.

The full article can be found in the attached file.

19 March 2010

Metric exceeds fundraising target raising gross proceeds of £175 million

The Board of Metric Property Investments plc (“Metric” or the “Company”), a UK-incorporated specialist retail property investment company, today announces that it has raised gross proceeds of £175 million (before the exercise of the Over-allotment Option) at a price of 100 pence per share (the “Issue Price”) by means of a Placing and Offer for Subscription of Ordinary Shares in the Company (the “Issue”).  This exceeds the Company’s initial target to raise gross proceeds of £150 million, as announced on 8 March 2010.

Metric has applied for admission to trading on the main market of the London Stock Exchange (the “LSE”) (“Admission”), which is expected to take place on 24 March 2010.  The Company will be a real estate investment trust (“REIT”) on Admission.

Conditional dealings in Metric’s Shares are expected to begin today at 8.00 a.m. and unconditional dealings in Metric’s Shares are expected to commence on 24 March 2010 at 8.00 a.m. under the ticker METP.

The full article can be found in the attached file.

08 March 2010

Metric IPO announced

Metric Property Investments plc (“Metric” or the “Company”), a UK-incorporated specialist retail property investment company, today announces its initial public offering (“IPO”). Headed by its Chief Executive Andrew Jones, the Company - which is both newly established and internally managed - has one of the most experienced UK retail property executive management teams and has a highly qualified independent team of Non-executive Directors.

The Company today announces its intention to proceed with a Placing and Offer for Subscription of Ordinary Shares in the Company (the “Issue”) and its application for admission to trading on the main market of the London Stock Exchange (the “LSE”) (“Admission”).  Metric is targeting raising gross proceeds of approximately £150 million.

The full article can be found in the attached file.

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