# LondonMetric Property transacts on £120 million of acquisitions and disposals

- Link: https://www.directorstalkinterviews.com/londonmetric-property-transacts-on-120-million-of-acquisitions-and-disposals/4121170081
- Published: 2024-09-02T07:26:53+01:00
- Author: Amilia Stone

**LondonMetric Property Plc **(LON:LMP) has announced that it has transacted on 
£70 million of warehouse acquisitions and £50 million of non core disposals.

The £70 million of acquisitions consist of seven warehouses with a WAULT of 15 years,
acquired at a blended NIY of 5.8%, rising to a minimum of 6.1% over the next two
years and 6.5% after five years, with 91% of rent subject to open market reviews.
They comprise:

·    A 182,000 sq ft regional logistics warehouse in Avonmouth let to Farmfoods 
Ltd acquired through a sale and leaseback for £26.4 million and with five-yearly
rent reviews to the higher of OMV or CPI+1 compounded annually;

·    A 211,000 sq ft fully let urban logistics park in Wednesbury acquired from 
a pension fund for £25.0 million with a low site density of 21% and immediate asset
management opportunities through open market reviews; and

·     Five trade warehouses in Leeds, Derby, Swindon, Bolton and Farnham totalling
113,000 sq ft, acquired for £18.9 million and let to Travis Perkins (x2), MKM (x2)
and Jewson.

The £50 million of disposals consist of ten former LXi assets and a former CTPT 
asset, which have been sold at a blended NIY of 7.2% and in line with 31 March 2024
book values. They comprise:

·      A 169,000 sq ft Compass training centre in Milton Keynes sold for £23.7 million;

·      A 34,000 sq ft car show room in York let to Vertu sold for £10.5 million;

·      A 34,000 sq ft self-storage asset in Basildon let to Lok’nStore sold for 
£10.0 million;

·      Seven care homes sold for £3.2 million; and

·      An 18,000 sq ft Nissan car show room in Doncaster sold for £2.5 million.

> **Andrew Jones, Chief Executive of LondonMetric, commented:**
> “We have been very clear on our desire to monetise some assets acquired from our
> corporate takeovers. We have now sold c.£100 million of LXi assets, with 13 of
> the 16 non core CTPT assets also sold at an average of 14% above our original 
> underwrite values.
> “We have successfully reinvested these proceeds into high quality properties, 
> in stronger sectors that will deliver accelerated income growth.”

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