(Alliance News) - London & Associated Properties PLC on Monday said it has sold a 999-year lease for a retail unit in Sheffield, England, to Metro Bank for the lender's own occupation.
The property company has sold the lease on 58-64 Fargate Street, the unit at the front of the company's Orchard Square shopping centre in Sheffield.
The retail unit is currently let to clothing retailer River Island at GBP495,000 per annum and the net cash inflow from the sale is GBP9.5 million, which will be used to pay down outstanding debt on the Orchard shopping centre.
Shares in London & Associated Properties were down 5.8% at 23.08 pence each.
Metro Bank (MTRO)
London & Associated Properties (LAS)