2011

01 December 2011

MIPP Acquires its Third Asset in Orpington for £6.25 million

Metric announces that MIPP, the £150 million joint venture with USS, has contracted a sale-and-leaseback transaction with Carpetright plc on their 48,300 sq ft retail unit in Sevenoaks Way, Orpington for £6.25 million. The purchase reflects a net initial yield of 7.6%.

The full announcement can be found in the attached file.

17 November 2011

Metric Property Announces Half Year Results to September 2011

Metric announces EPRA NAV per share of 104p,EPRA EPS of 2.1p and DPS of 1.0p was declared to be paid on 21 December 2011. Total property return for the period was 5.7% outperforming the IPD All Retail Quarterly Universe return of 3.3%. Valuation uplift since March 2011 of £3.4m, up 1.5%, representing an underlying uplift of £5.0m, up 2.2%. Post period end MIPP was launched, a £150m JV between Metric and USS to invest in smaller, higher income yielding retail warehouse parks or solus units. Acquisitions during the period totalled £27.6m (net of acquisition costs), off an expected yield on cost of 7.1% with further conditional exchanges on 150,000 sq ft of new retail development.

15 November 2011

Metric Launches £150 million Joint Venture with USS

Metric has created a £150 million joint venture with USS known as Metric Income Plus Partnership (MIPP) whose objective is to acquire small, higher yielding, income focussed retail parks and solus units ranging in value from £2 million to £20 million with a target portfolio yield on cost in excess of 7%. USS has committed an initial £50 million of equity with Metric committing £25 million for a one-third equity stake.

The full announcement can be found in the attached file.

15 September 2011

Metric Acquires Pierpoint Retail Park, King's Lynn for £15.1 million

Metric has acquired Pierpoint Retail Park, King's Lynn from Black Pearl Investments for £15.1 million (net of acquisition costs), reflecting a net initial yield of 6.3%. The average passing rent on the scheme is £15.20 psf, with existing rents ranging from £13.65 psf to £22.50 psf. The average unexpired lease term is 4.1 years. Metric will use its existing financial resources to finance the purchase.

The full announcement can be found in the attached file.

07 July 2011

Metric adds to Redevelopment Pipeline with Acquisition in Cannock.

Metric has conditionally exchanged, pending a revised planning approval, on the acquisition of a redevelopment site in Cannock for a total investment of £5.8 million (net of acquisition costs). Metric has simultaneously signed a new 20 year agreement for lease with DFS to take a 17,000 sq ft unit at an initial rental of £314,500 per annum, with annual RPI uplifts. The Company will use its existing resources to finance the purchase.

The full announcement can be found in the attached file.

07 July 2011

Metric Property Interim Management Statement Q1-12

Metric today announces its interim management statement for the period from 1 April 2011 to 6 July 2011. We continue to make good progress successfully growing the property portfolio through new acquisitions, and increasing our rental income through asset management initiatives. Since the year end we have acquired new redevelopment and partnering opportunities at Bishop Auckland, and Sheffield, and have today also announced the acquisition of a new redevelopment at Cannock, Staffordshire, where we have already secured a pre-letting to DFS.

The full announcement can be found in the attached file.

28 June 2011

Metric Acquires Further Redevelopment Opportunity

Metric has conditionally exchanged on a four acre site in Bishop Auckland, County Durham previously occupied by Focus from Bank of Ireland and Kingsland Estates. The acquisition is conditional upon a revised planning approval which upon receipt Metric will pay an initial consideration of £2.3 million for the site and a further £8.7 million will be invested in development costs. The Company will use its existing resources to finance the purchase.

The full announcement can be found in the attached file.

19 May 2011

Metric Property Announces Full Year Results to March 2011

Metric announces NAV per share of 101p, primarily driven by a revaluation surplus of £7.6m or 4.1% (net of costs) on an investment portfolio of £192.4m. Profit after tax came in at £8.5m, adjusted EPS was 0.5p and a maiden dividend of 0.6p per share was declared to  be paid on 6 July 2011. A £34.7m term facility with Eurohypo AG was signed post period end bringing committed, undrawn debt facilities to £84.7m and future purchasing power to £160m, including anticipated future debt. The Group has invested and committed all of the net proceeds from the IPO across 13 retail schemes during the period with Sheffield acquired post the period end for £2.3m with commitments of a further £3.3m.

The full announcement can be found in the attached file.

13 May 2011

Property Week: Prime club isn't the only place to find retail's star performers

Source: www.propertyweek.com

Andrew Jones, Chief Executive of Metric Property Investments PLC

There is a growing feeling that the retail property market is in the middle of a material dislocation between asset pricing in the investment market and what is happening in the occupational market. Yields for most retail space have bounced back substantially over the past 18 months or so, and are now at levels that imply high degrees of income growth over the next five years.

The full article can be found in the attached file.

11 May 2011

Metric Links up with DFS at Inverness and Sheffield

Metric has completed the acquisitions of Milburn Road, Inverness and St Mary’s Road, Sheffield for an initial consideration of £9.2 million with a further £4.8 million committed to redeveloping the sites.  At Inverness, Metric has acquired a 20,000 sq ft DFS store and adjoining site for £6.9 million and simultaneously agreed a new 20 year lease with DFS at an initial rental of £420,000 per annum and a new 15 year agreement for lease with Carpetright plc a rent of £215,000 per annum on the adjoining site which is to be developed at a cost of £1.5 million. At Sheffield, Metric has purchased the former Uno furniture store for £2.3 million and plans to invest a further £3.3 million refurbishing the existing accommodation and refiguring the space into a two units of 20,000 sq ft and 8,000 sq ft. DFS has exchanged contracts to pre-let the 20,000 sq ft refurbished unit on a 20 year lease at an initial rental of £375,000 per annum.

The full announcement can be found in the attached file.

21 February 2011

Metric Acquires Significant Redevelopment Opportunity in Leeds

Metric has completed the acquisition of a standalone Bhs store and its surrounding site in Kirkstall, Leeds for £12 million. Metric plans to redevelop the 7.2 acre site, which already has outline Open A1 planning consent for 85,000 sq ft of retail accommodation.  Bhs will continue to occupy the existing store until commencement of the redevelopment. Both Bhs and Arcadia (trading as Outfit) have exchanged contracts to take new units upon completion of the redevelopment. Metric will use its existing cash resources to finance the purchase.

The full announcement can be found in the attached file.

03 February 2011

Metric Property - Interim Management Statement Q3-11

Metric today announces its interim management statement for the period from 1 October 2010 to 2 February 2011.

HIGHLIGHTS:
 
Acquisitions

  • Continued strong progress in sourcing attractive acquisitions, primarily off-market.  Since 30 September  2010 a further  six properties have been  acquired for £63 million, five of which were off-market:
    • Congleton Retail Park, South Manchester (£14.9m)
    • Wick Retail Park, Scotland (£10.3m)
    • Alban Retail Park, Bedford (£9.2m)
    • Havens Head Retail Park, Milford Haven (£14.4m)
    • Channons Hill Retail Park, Bristol (£6.3m)
    • PC World Store, Hove (£8.1m)
  • 90% of IPO net proceeds invested or committed to date.

Remaining purchasing firepower of c.£190 million (including anticipated debt) leaves Metric in a strong position to capitalise on investment opportunities arising in the market.

The full announcement can be found in the attached file.

20 January 2011

Metric Property Acquires PC World Store, Hove for £8.05 million

Metric has completed the acquisition of a PC World store located on Old Shoreham Road, Hove from Aviva Investors Ltd for £8.05 million, reflecting a net initial yield of 5.7%. The standalone PC World provides 19,300 sq ft of retail space with an additional unimplemented planning consent for a further adjoining 10,000 sq ft retail unit. Metric will use its existing cash resources to finance the purchase.

The full announcement can be found in the attached file.

17 January 2011

Metric Property Investments Acquires Channons Hill Retail Park, Bristol for £6.25 million

Metric has exchanged on Channons Hill Retail Park, Bristol for £6.25 million, reflecting a net initial yield of 9.3%. The park comprises 63,000 sq ft of Open A1 space with an average unexpired lease term of 4.5 years. The park is let to Currys, Lidl and Focus off low average rents of £9.80 psf. Metric will use its existing cash resources to finance the purchase.

The full announcement can be found in the attached file.

07 January 2011

Property Week: Lease expiries will drive retail development, too

Source: www.propertyweek.com

The recent development boom for offices within the City of London — such as the "Walkie-Talkie", "Cheesegrater" and Pinnacle — has, we are told, been predicated on the raft of lease expiries that will occur in 2013, 2014 and 2015. One leading commentator described this as an "unseen dynamic", as 15-, 20- and 25-year leases start to expire. The interesting point is that the same unseen dynamic is taking place within high streets and shopping centres up and down the country.


The full article can be found in the attached file.

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