# LondonMetric Property First disposal from Mucklow portfolio

- Link: https://www.directorstalkinterviews.com/londonmetric-property-first-disposal-from-mucklow-portfolio/412795384
- Published: 2019-10-14T07:31:00+01:00
- Author: Amilia Stone

**LondonMetric Property** (LON:LMP) announced that it has sold an office and a distribution
warehouse for a combined consideration of £11.6 million at material premiums to 
book value.

The 21,000 sq ft office is located in Leicester and let for a further nine years
to My Home Move. The building was acquired through the Mucklow acquisition and has
been sold for £5.7 million at a NIY of 6.0%.

The 84,000 sq ft distribution warehouse is located in Doncaster and let to Croda
for a further two years. The building has been sold for £5.9 million at a NIY of
7.0%. It was acquired in August 2017 and has delivered an ungeared IRR of 11% pa.

> **Andrew Jones, Chief Executive of LondonMetric, commented**:
> “The Leicester office is the first disposal from the recently acquired Mucklow
> portfolio and we are in active discussions on further disposals from the office
> portfolio.
> “Following our recently announced forward funding of Croda’s new long let distribution
> hub, we decided to monetise their existing facility which has two years remaining
> on the lease.”

FSP acted for LondonMetric on Leicester. On Doncaster, JLL advised LondonMetric 
and ACRE advised the purchaser.

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