Metric Property Investments has acquired Havens Head Retail Park in Milford Haven from Land Securities for £14.4 million.
The park is anchored by a 38,000 sq ft Tesco and boasts eight units, with tenants such as health and beauty retailer Boots, fashion group Peacocks and multichannel business Littlewoods occupying its retail space.
Metric and Land Securities were advised by Savills and DTZ respectively during the deal process.
Andrew Jones, CEO of Metric, remarked: “This is our first on-market acquisition and it represents a good opportunity to acquire a long dated food store and open A1 retail park investment off low rents and at an attractive yield.
“There are asset management opportunities to further extend the Tesco store, increase the rental tone and to continue to improve the tenant mix.”
Dominic O’Rourke, Head of Retail Warehousing of Land Securities, said the site attracted a high level of interest, “reflecting the asset management initiatives we have undertaken at the scheme, such as the extension of the Tesco food store”.
The Milford Haven deal comes after Congleton Metric agreed in October to buy Congleton Retail Park in south Manchester from Bluemantle for £14.86 million. The transaction is set to complete in June 2011.