Aug 05 2010
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.
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