Loughborough supermarket sold for £32.5m
The Morrisons supermarket in Loughborough has been sold by its owners for £32.5m.
LondonMetric is selling the store, which is bought for £16.8m in 2010, to an unnamed pension fund. The deal will complete next year.
LondonMetric recently completed a comprehensive refurbishment and 12,000 sq ft extension of the store at a cost of £7.9m.
Andrew Jones, chief executive of LondonMetric, said: “The lease regear and extension at Loughborough demonstrates our ability to partner with retailers to create value through our asset management and development capabilities.
“This is a very good asset that has generated attractive income and capital returns and the pricing reflects the strong institutional demand for long let income with guaranteed income growth.”
LondonMetric was advised by Wilkinson Williams. Allsop advised the purchaser.
