Metric Property Investments, the UK specialist retail real estate investment trust (REIT), has conditionally exchanged contracts to acquire Congleton Retail Park in South Manchester. The vendor is North West-based investor and developer, Bluemantle, for £14.86 mln (almost EUR 17 mln). The purchase price reflects a net initial yield of 5.7%, rising to 6.4% upon settlement of 2010 rent reviews and letting of the vacant unit.
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