LondonMetric Property Plc has announced that it has exchanged contracts on the sale of Bishop Auckland Shopping Park at Tindale Crescent to Standard Life Investments, for £23.6 million.
The former Focus unit and adjacent land was acquired for £2.3 million and developed by Metric Property Investments in two phases, between 2012 and 2013, at a total cost of £15.8 million.
Andrew Jones, Chief Executive of LondonMetric, commented, “The investment market remains competitive for well let assets and so we will look to monetise our investments where we have completed asset management and development initiatives, with deep confidence of deploying the capital into other opportunities that offer superior income and capital growth.
“This has been an excellent asset for us that has fully showcased our deep development experience and strong occupier relationships to generate very attractive returns for our shareholders.”
Bishop Auckland's local community newspaper.
