LondonMetric Property Plc (LON:LMP) has announced that it has sold £40.4 million of mature and non-core urban warehousing, reflecting a NIY of 4.3%.
The five assets have been sold in separate transactions to owner occupiers and long only funds, and comprise:
· Three London warehouses in Walthamstow, Park Royal and Croydon, sold for £30.8 million and reflecting a NIY of 3.9%; and
· Two warehouses in Birmingham and Aberdeen, sold for £9.6 million and reflecting a NIY of 5.7%;
The sales are in line with 30 September book values and have delivered a profit on cost of 30% and an ungeared IRR of 10%.
Over the year to 31 March 2025, LondonMetric has sold over 70 assets for £347 million (LondonMetric share: £342 million) at 1.6% above prevailing book values.
Andrew Jones, Chief Executive of LondonMetric, commented:
“The sales are both strategic and opportunistic. We have monetised lower yielding assets that have delivered on their asset management plans to deliver strong unlevered returns. The sales proceeds will be reinvested into our core sectors and assets that have superior income and rental growth prospects.”
