LondonMetric Property has announced that it has sold its retail park, Kirkstall Bridge shopping park, for £25.2m to a UK institutional investor.
The 120,000 sq ft shopping park was originally developed by the group in 2015 after acquiring the site in 2011.
Furthermore, the sale price represents a “15% premium” to 31 March 2021 book valve and “crystallises” a total return on cost of 27%, completion of the sale will take place at the end of September 2021.
Andrew Jones, chief executive of LondonMetric, said: “This is a strong trading retail park and its sale is in line with our strategy to divest our last few remaining multi-let retail parks.
“We have seen an uptick in investor interest for well let and located retail parks which is reflected in the sale price achieved.”
He added: “Our strongest conviction calls remain urban logistics and convenience led long income and the sale proceeds will be allocated into these sub-sectors.”