Dec 18 2012
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.
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