LondonMetric Property Plc (LON: LMP) announced today that it has sold an office park in Worcester for £6.2 million, reflecting a NIY of 6.7%.
The 28,000 sq ft out of town office scheme was acquired through the Mucklow acquisition in June 2019 for an allocated purchase price of £5.9 million. It is fully let for a further seven years to various occupiers at a rent of £15.60 psf.
The disposal price is 4.3% above acquisition cost and 2.5% above book value. The remaining office portfolio now totals nine investments and is valued at c.£55 million.
Completion of the disposal is delayed until the end of March 2020.
Andrew Jones, Chief Executive of LondonMetric, commented:
“This is our second office disposal from the Mucklow portfolio and we will continue to further sell down our non-core office investments.”
FSP acted for LondonMetric and B2 Retail acted for the purchaser.