Former British Land trio grab £28m retail park

A property investment firm set up by three high-flyers who quit British Land snapped up a retail park for nearly £30 million today in the first deal since its launch.

Metric Property Investments, which is run by former British Land retail experts Andrew Jones, Valentine Beresford and Mark Stirling, bought Damolly Retail Park in Newry, Northern Ireland, for £28.4 million.

It was the first deal for the trio, who quit the FTSE 100 giant last year to set up their own firm to take advantage of the recovery in the property market.

Metric raised £190 million when it floated on the London Stock Exchange in March.

It plans to invest in distressed and mismanaged out-of-town retail parks and shopping centres.