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Metric Property looking for further retail investment


Retail real estate investment trust Metric Property Investments has today said it is in a strong position to capitalise on further retail market opportunities, having already acquired six properties since the end of September.

The company’s interim management statement for the period between October 1st and February 2nd indicated that 90 per cent of its IPO net proceeds have been invested or committed to date and that it has remaining purchasing firepower of around £190 million, including anticipated debt.

Over the last four months Metric has acquired five retail parks across the UK and one PC World store for a combined total of around £63 million.

Congleton Retail Park in south Manchester and Havens Head Retail Park in Bristol were the two most expensive deals, having been bought for £14.9 million and £14.4 million respectively.

Andrew Jones, CEO of Metric, commented: “We are pleased with the ongoing progress achieved in investing the proceeds of our IPO and delivering value over various asset management initiatives.

“The investment portfolio now stands at £157 million, which leaves us with significant remaining firepower to take advantage of the increasing flow of opportunities we see emerging, albeit remaining resolute in only investing in assets at prices where we see real value creating opportunities.”

Jones was previously an executive director and Head of Retail at commercial property group British Land. He oversaw Metric’s IPO in March 2010.

Published on Thursday 03 February by Editorial Assistant

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