Metric completes Havens Head deal

Metric Property Investments has completed the purchase of Havens Head Retail Park, Milford Haven, in Pembrokeshire, from Land Securities £14.4m. The deal reflects a net initial yield of 6.8 percent.

Metric, a UK specialist REIT will use its existing cash resources to finance the purchase of the park which comprises 85,700 sq ft of Open A1 space and which is anchored by a 38,000 sq ft Tesco with the scheme having eight units. Tenants include Boots, Peacocks, and Littlewoods with an average passing rent of £12.10 a sq ft and an unexpired lease term of 13.8 years.

Metric has an investment portfolio worth £143m across nine retail schemes, with rents averaging £13.25 a sq ft and an unexpired lease term of 11.8 years, including this latest deal. Occupancy is 99 percent, by rental income.

Andrew Jones, chief executive said there were “asset management opportunities to further extend the Tesco store, increase the rental tone and to continue to improve the tenant mix.”

Savills advised Metric and DTZ advised Land Securities.