Metric exchanges on Wick

Metric Property Investments has exchanged contracts on the acquisition of Wick Retail Park, North East Scotland, for £10.3m. The deal reflects an initial yield of 6.5 percent.

The Reit will use its existing cash resources to finance the purchase of the 60,700 sq ft Open A1 retail park which is fully let and anchored by Homebase. Other key tenants at the park include Carpetright, Argos, New Look, Superdrug and Pets at Home.

Metric now has an investment portfolio of £119m across seven retail schemes, an unexpired lease term of 12.4 years, and occupancy of 99 percent, by rental income.
Andrew Jones, Metric chief executive, said: “The addition of Wick Retail Park provides Metric with another opportunity to use its asset management expertise to materially improve the tenant mix and introduce more high street retailers to the park over time.”

The news came on the day Metric announced net asset value per share of 97p, primarily driven by a revaluation surplus of 2.1 percent (net of costs) on an investment portfolio of £94m.