LondonMetric completes sale of B&Q warehouse in Hull for £11.6m

LondonMetric Property Plc has announced the sale of a B&Q warehouse in Hull for £11.6m.

The FTSE 250-listed company confirmed that sold the warehouse through the Metric Income Plus Limited Partnership, which is its joint venture with Universities Superannuation Scheme.

The 71,000 sq ft store was bought in November 2016 for £9.4m with an unexpired lease term of 12 years. It has been sold to an occupational pension fund.

Andrew Jones, chief executive of LondonMetric, commented: “We continue to receive approaches for our retail assets at significant premiums to valuation and will react where we believe future returns can be enhanced by disposal and reinvestment.

“This is a good store for B&Q which has delivered very strong income and capital returns for MIPP during its ownership period.”

MIPP was advised by Knight Frank.

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