LondonMetric Property PLC (LON:LMP) has announced the sale of its retail park in Launceston. The retail park was sold for £21.9 million and reflects a net initial yield of 5.6%.

Notably, LondonMetric acquired the the approximately 70,000 sq ft retail park in August 2010 for £13.5 million. It formed part of the Metric portfolio.

Additionally, the property has generated a profit on cost of 13% and an ungeared return of 7% pa. A long term investor purchased the property for a value above March 2018 book value.

Chief Executive of LondonMetric, Andrew Jones, said:

“This disposal is in line with our strategy to reduce our ownership of operational retail assets once business plans have been executed. Following the sale, we will own only four retail parks.

“Demand for physical retail assets continues to polarise and so future investments will be targeted within the logistics and convenience sectors where income growth prospects are superior.”

Currently, shares are trading + 0.21% at 10.23 BST.