Metric Property Investments forms £75 million joint venture with Universities Superannuation Scheme to acquire retail parks and solus units

Client(s) Metric Property Investments plc

Jones Day assisted Metric Property Investments plc with its entry into a £75 million joint venture with Universities Superannuation Scheme Ltd. The objective of the joint venture, known as the Metric Income Plus Limited Partnership, is to acquire small, higher yielding, income-focused retail parks and solus units ranging in value from £2 million to £20 million. Universities Superannuation Scheme has committed an initial £50 million of equity to Metric Income Plus Limited Partnership ("MIPP"), with Metric committing £25 million for a one-third equity stake.

The target portfolio yield on cost, once established, will be in excess of 7%, to deliver attractive post leverage cash on cash returns. MIPP has already contracted to acquire two properties from Metric at Inverness and Swindon for a combined cost of £19.9 million.