LondonMetric Property Plc (LON:LMP) has announced that it has sold £61.8 million of non core and mature assets in separate transactions at a blended NIY of 6.1%.
The assets sold were previously acquired through corporate acquisitions and comprise:
· A multi-storey car park in Yorkshire let to Q-Parks and four pubs let to Stonegate, sold for £21.7 million at a blended NIY of 7.7%;
· A multi-let industrial estate in Crawley, sold for £21.4 million at a NIY of 5.05%;
· Two retail assets let to Lidl and Wickes, sold for £10.1 million at a blended NIY of 5.8%; and
· A logistics unit in Southampton, sold to an occupier for £8.6 million at a NIY of 4.8%;
The sales are in line with prevailing book values and are 10% above their allocated price at the time of purchase. LondonMetric has now sold 54 former LXi assets for £202 million.
Andrew Jones, Chief Executive of LondonMetric Property, commented:
“We continue to execute on our strategy of selling down non core and mature assets with a further series of excellent disposals. The proceeds from the sales will be re-invested into sectors and assets that offer better income reliability and growth.”
