2012

18 December 2012

MIPP Acquires in Haverhill and Nottingham for £9.8 million

Metric announces that on behalf of MIPP it has acquired Cambridge Road, Haverhill and Wickes, Mansfield Road, Nottingham for £9.8 million (net of acquisition costs), reflecting an average net initial yield of 7.0%. MIPP will use its £75 million loan facility to finance the purchase. This will produce a blended cash-on-cash return of 10.2%. MIPP has invested £81 million (net of acquisition costs) to date in a total of nine schemes, reflecting a yield on cost of 7.2%. Rents across the MIPP portfolio average £14.80 psf with an average unexpired lease term of 16 years. The portfolio is fully occupied.

09 November 2012

Metric Property Announces Half Year Results to September 2012

Metric announces EPRA NAV per share of 107p, EPRA EPS of 1.8p and DPS of 1.8p was declared to paid on 7 December 2012. Total property return for the period was 3.1% outperforming the IPD All Retail Quarterly Benchmark return of 0.5%.

26 October 2012

Metric Works Up Marks & Spencer Deals

Metric has completed of a series of deals with Marks & Spencer (“M&S”) which sees the retailer take an additional 40,000 sq ft of space across its portfolio. At Berkhamsted M&S has signed a new 20-year lease for its M&S Simply Food format across 18,000 sq ft, at Kirkstall Shopping Park development in Leeds, M&S has signed a new 15-year lease for a 10,000 sq ft and at Bishop Auckland M&S has also taken possession of its new 12,000 sq ft M&S Simply Food unit at Metric’s Tindale Crescent Shopping Park development.

The full announcement can be found in the attached file.

25 October 2012

Mipp Acquires Lichfield Retail Park For £10.95 Million

Metric has exchanged on the acquisition of Lichfield Retail Park, Lichfield from Aviva Investors for £10.95 million (net of acquisition costs), reflecting a net initial yield of 6.6%. The 45,000 sq ft scheme, anchored by Wickes has average rents of £17.10 psf and a weighted average unexpired lease term of 14.6 years. Metric will use its existing resources to finance the purchase.

The full announcement can be found in the attached file.

23 August 2012

Metric Acquires Dunelm Unit in St Albans

Metric completed its acquisition of a unit at Alban Park, St Albans for £4.6 million (net of acquisition costs), reflecting a net initial yield of 7.75%. The unit comprises 25,300 sq ft let in its entirety to Dunelm Mill at an annual rent of £375,000, with an unexpired lease term of 8.1 years. Metric will use its existing resources to finance the purchase.

The full announcement can be found in the attached file.

04 July 2012

£14 million of gross acquisitions in Cornwall and Bedford

On behalf of its MIPP JV, Metric has acquired the B&Q unit in Camborne, Cornwall for £8.2 million (net of acquisition costs), reflecting a net initial yield of 7.25%. The 48,500 sq ft unit is let in its entirety to B&Q at an average rent of £13 psf and has an unexpired lease term of 15.7 years. Separately, Metric has acquired two prime high street units let to Next and Iceland on Midland Road, Bedford from the receivers to a private property company for £5.7 million (net of acquisition costs), reflecting a net initial yield of 7%. The units total 36,000 sq ft and were in November 2011 on lease terms of 10 and 15 years, respectively.

The full announcement can be found in the attached file.

31 May 2012

MIPP acquires £17.4m B&Q in Londonderry

Metric announces that MIPP, the £150 million joint venture between Metric and USS, has acquired the B&Q in Londonderry from receivers for a total consideration of £17.42 million (net of acquisition costs) which reflects a net initial yield of around 7.5%. The asset extends to 102,400 sq ft and is let in its entirety to B&Q with over 18 years remaining on the lease. B&Q “right sized” its unit in 2009, subletting 25,200 sq ft to Dunelm.

The full announcement can be found in the attached file.

31 May 2012

Metric acquires site near St Austell for retail led development

Metric has conditionally exchanged contracts with a private investor to acquire 90 acres on the south west outskirts of St Austell for £5.5 million. The purchase is conditional on planning and pre-letting targets. The intention is to develop the site to provide a 158,000 sq ft retail park anchored by a 68,000 sq ft supermarket which has been pre-sold to Sainsbury’s. A planning application is to be submitted before the end of the year.

The full announcement can be found in the attached file.

30 April 2012

Metric Acquires High Street Development Site in Berkhamsted

Metric has conditionally exchanged on its acquisition of the former Royal Mail building on Berkhamsted High Street for a total investment of £7.55 million (net of acquisition costs). The 0.9 acre site has been acquired from Royal Mail Group for £2.55 million and Metric will invest a further £5.0 million in a new retail redevelopment. Simultaneous with the transaction, Metric has pre-let the majority of the accommodation (c. 80%) to Marks & Spencer ("M&S") who has signed a new 20-year lease for its Simply Food format. The remaining accommodation will be marketed to high quality restaurant occupiers.

The full announcement can be found in the attached file.

27 April 2012

MIPP Acquires its Fourth Asset with Bristol Purchase

Metric announces that MIPP, the £150 million joint venture between Metric and USS, has acquired Longwell Green, Bristol for a total consideration of £7.8 million (net of acquisition costs), from Cordatus Partners on behalf of the receivers to Castlemore Securities. The retail park is located opposite Gallagher Shopping Park and comprises 20,400 sq ft of Open A1 (non-food) consent across two units. MIPP has simultaneously exchanged leases with DFS and Carpetright across the entire accommodation generating a yield on cost of over 7.5%.

The full announcement can be found in the attached file.

27 February 2012

Metric Property Makes New Appointment to Add Strength to its Asset Management Capability

Metric announces the appointment of Simon Meacock as Asset Manager to add further strength and resource to the Company's value enhancing capabilities. Simon joins from British Land and will support Mark Stirling and Marion Dillon, with responsibility for executing Metric's asset management programme across its growing portfolio as well as sourcing new retailer development opportunities.

The full announcement can be found in the attached file.

09 February 2012

Metric Property Interim Management Statement Q3-12

Metric Adds Further Long Term Value Through New Lettings and Planning Gains

Metric today announces its third quarter interim management statement for the period from 1 October 2011 to 8 February 2012. Good ongoing progress in attracting new tenants; five lettings exchanged (including Boots, Next, Marks & Spencer, Hobbycraft and Sleepright) and a further eight in solicitors' hands to add an aggregate £1.5 million, or 11% growth in rental income, on average unexpired leases of 11 years. Developments to commence on new 49,000 sq ft retail park at Bishop Auckland where six lettings have been agreed taking pre-letting up to 84% and on new 25,000 sq ft retail park at Cannock where pre-letting has reached 85% with a further 5% under offer.

The full announcement can be found in the attached file.

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