Sep 16 2010
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.
Download