Jul 04 2012
On behalf of its MIPP JV, Metric has acquired the B&Q unit in Camborne, Cornwall for £8.2 million (net of acquisition costs), reflecting a net initial yield of 7.25%. The 48,500 sq ft unit is let in its entirety to B&Q at an average rent of £13 psf and has an unexpired lease term of 15.7 years. Separately, Metric has acquired two prime high street units let to Next and Iceland on Midland Road, Bedford from the receivers to a private property company for £5.7 million (net of acquisition costs), reflecting a net initial yield of 7%. The units total 36,000 sq ft and were in November 2011 on lease terms of 10 and 15 years, respectively.
The full announcement can be found in the attached file.
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