May 31 2012
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.
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