# LondonMetric Property Plc disposes of non-core assets for £74.2 million

- Link: https://www.directorstalkinterviews.com/londonmetric-property-plc-disposes-of-non-core-assets-for-74-2-million/4121183593
- Published: 2025-01-15T07:15:06+00:00
- Author: Amilia Stone

**LondonMetric Property Plc** (LON:LMP) has announced that it has sold ten non-core
properties for a total consideration of £74.2 million (LondonMetric share: £69.4
million) and reflecting a NIY of 6.9%. The sales comprise:

·     A 138,000 sq ft retail park in Coventry, sold for £37.3 million reflecting
a core NIY of 5.5% and a topped up NIY of 6.0%. It is let to 13 occupiers including
Currys, Aldi, B&M and Dunelm at an average rent of £17.50 psf and has a WAULT of
six years. LondonMetric acquired the asset in 2010 for £18 million and has extensively
asset managed the park, delivering a profit on cost of 37%;

·      An 82,000 sq ft Compass training office in Yarnfield, sold for £17.4 million;

·      A 35,000 sq ft convenience retail park in Totton, sold for £9.5 million (
£4.7 million at share);

·     Two offices in Coventry, sold for £3.3 million, which completes the sell down
of the 11 offices acquired through the A&J Mucklow acquisition;

·      Two Stonegate pubs in Preston and Southampton, sold for £3.3 million;

·      A former Dobbies garden centre in Huddersfield, sold for £3.1 million; and

·      Two parcels of development land, sold for £0.3 million.

Since 31 March 2024, LondonMetric has sold 65 assets for £307 million (LondonMetric
share: £302 million) at a 2% premium to prevailing book value. These disposals include
the sale last year of a warehouse in Leicester let to UAV Tactical Systems which
has now completed.

Separately, LondonMetric announces that is has acquired seven properties for £50.1
million, reflecting a NIY of 6.5% which is expected to rise to 7.2% over five years.
The deals comprise:

·      Four Travis Perkins trade warehouses in Colchester, Lymington, Sheffield 
and Trowbridge, acquired for £16.4 million through a 15-year sale and leaseback,
with open market reviews;

·     A Premier Inn hotel in West Thurrock with 193 bedrooms and let for a further
ten years with RPI linked reviews, acquired for £14.7 million;

·     A 54,000 sq ft convenience retail property in Andover, acquired for £12.2 
million and let for a further six years to Wickes, The Range and KFC, with open 
market reviews; and

·    A new 22,000 sq ft M&S foodstore, pre-let on a 15-year lease, to be developed
at a cost of £6.8 million, reflecting a yield on cost of 7.8%.

**Andrew Jones, Chief Executive of LondonMetric Property, commented:**

“We have again successfully disposed of non-core assets at prices in line with our
valuations and reinvested into higher quality opportunities in strong conviction
sectors, where rental growth prospects are more compelling.”

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