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11

PROFILE

MEASURING

UP METRIC

Metric Property is the latest retail property specialist to come to the market

M

etric Property Investments, a specialist retail property investor formed by three ex-British Land directors, has raised £190m by becoming the first REIT to float on the

London Stock Exchange since the crash.

Metric is led by chief executive Andrew Jones, previously head of

retail at British Land, Valentine Beresford, previously European director at BL and Mark Stirling, previously BL’s asset management director. The trio have worked together for 15 years, first at Pillar Property

where they ran the Hercules Property Unit Trust and then at BL. With Hercules and its associated funds Pillar was seen as the UK

market leader in out-of-town property with a 6m-sq ft portfolio of retail parks either owned or under management valued at £4.6bn. The flagship asset was Fosse Park in Leicester, Britain’s highest-

rented retail park, but it also included the 320,500-sq ft Gallions Reach shopping park in Beckton, the 300,000-sq ft Manchester Fort shopping park, the 350,000-sq ft Glasgow Fort shopping park and the 115,000-sq ft Orpington shopping park. Pillar also ran a portfolio of in-town shopping centres in partnership

with a Canadian institutional investor under the PillarCaisse banner. And in 2003 it bought the £700m Chartwell Land portfolio from Kingfisher. Pillar was itself acquired by British Land in July 2005 for £811m,

giving the team an even bigger portfolio to deal with including properties like Meadowhall and Eastgate in Basildon. Then, shortly before Christmas 2009, Jones, Beresford and Stirling announced their resignations judging that the time was right to set up on their own.

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