Jul 08 2010
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.
Download