LondonMetric JV buys Welsh retail park

A LondonMetric Property and Universities Superannuation Scheme joint venture has exchanged contracts to buy Trostre South Retail Park in Llanelli.

The Metric Income Plus Partnership will pay charity Benesco £12.8m, reflecting a net initial yield of 6.8%.

The 75,400 sq ft retail park is let to B&Q, Pets at Home and KFC. It has a vacant unit of 10,000 sq ft, formerly let to Dreams, which is subject to a two-year rental guarantee.

The average rent is £12.10 per sq ft and the unexpired lease term is 14.7 years.

The park is adjacent to the 450,000 sq ft Trostre Shopping Park anchored by Tesco, M&S, Next, Debenhams and BHS.

Edgerley Simpson Howe advised MIPP. Harvey Spack Field/Metrus advised Benesco.