Pension fund snaps up B&Q warehouse store for £11.6m
A 71,000 st ft B&Q warehouse in Hull has been purchased by an occupational pension fund for £11.6m.
LondonMetric Property this morning announced that the Metric Income Plus Limited Partnership (MIPP), its joint venture with Universities Superannuation Scheme Ltd, made the disposal; reflecting a blended NIY of 6%.
The store was bought by the joint venture in November 2016 for £9.4m with an unexpired lease term of 12 years.
Andrew Jones, chief executive of LondonMetric, said: “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.
