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LondonMetric sells Ipswich retail park

By Danielle Wightman-Stone

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LondonMetric has sold its retail park in Martlesham Heath in Ipswich for 22 million pounds to an unnamed “long-term investor”.

The 48,000 square foot retail park, which houses retailers including Marks and Spencer, Mountain Warehouse and Shoe Zone, was acquired by LondonMetric in 2013 for 10.4 million pounds.

The park is now fully let with average rents of 25.70 pounds per square foot, with a weighted average lease term of 12 years to expiry and 10 years to first break.

Andrew Jones, chief executive of LondonMetric, said in a statement: “Whilst demand for physical retail assets continues to polarise rapidly, investor appetite for long and strong income remains healthy.

“The sale is in line with our strategy of divesting our last remaining operational retail assets upon completion of their business plans. We retain three retail parks within our direct portfolio reflecting 5 percent of our assets.”

The company said it will now be focusing its investments within the logistics and convenience sectors where "income certainty is greater and income growth prospects are superior.”

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