LondonMetric Property Plc (LON:LMP) announced today that it has sold a further two DFS retail properties in Swindon and Swansea for £13.9 million on behalf of the Company’s DFS Joint Venture.
The two properties formed part of a portfolio of 27 DFS assets acquired in 2014 for £175 million at a NIY of 9.3%. The sales reflect a blended NIY of 7.5% and are in excess of book value.
The Joint Venture has now sold a total of 17 stores for a total receipt of £114.6 million. It has delivered an IRR to its Partners of 23% pa and a profit of over £50 million.
Atlantic Leaf Properties Limited has recently acquired a 45.0% interest in the Joint Venture from LVS II Lux X S.A.R.L.. LondonMetric has increased its equity to 45.0%.
LondonMetric Property plc is a FTSE 250 REIT (ticker: LMP) that specialises in distribution, convenience and long income property with a focus on strong and growing income, and adding value through asset management initiatives and short cycle developments. The company has 12 million sq ft under management.
