LONDON—LondonMetric Property Plc, a UK REIT,has exchanged on the acquisition of Martlesham Heath RetailPark, Ipswich from clients of JPMorgan AssetManagement.

The purchase price is $15.8 million (£10.35m) (net ofacquisition costs) reflecting a net initial yield of 6.5%. Theacquisition will be funded from existing resources.

The project comprises 47,850 sq ft across six units, anchored bya new 15,000 sq ft M&S Simply Food. There is a5,000 sq ft vacant unit where letting negotiations are at anadvanced stage. On conclusion of this letting the yield will riseto 7.4%.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.