LondonMetric offloads more properties

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LondonMetric Property PLC (LON:LMP0 said it has sold two more of its long income properties for a total consideration of GBP11.1mln at a blended net initial yield (NIY) of 6% and a 7% surplus to the last reported book value.


The sold properties include a 15,000 square foot (sqft) Marks and Spencer Foodhall, which was sold by way of a forward commitment to an overseas private investor for GBP6.2mln, with completion expected at the end of the year.


READ: LondonMetric collects almost full rent in latest quarter


The firm said it has also sold a 34,000 sqft Wickes store to an overseas property company for GBP4.9mln, which is expected to complete in August.


“These disposals reflect the growing demand for good quality long income real estate, for which we continue to receive attractive approaches. We constantly look to re-balance our portfolio and will recycle the sale proceeds into opportunities in strong geographies that provide certainty of income and income growth,” LondonMetric chief executive Andrew Jones said in a statement.


The asset sale follows the disposal of another GBP39mln of the company’s non-core assets earlier this month as part of what Jones dubbed a “portfolio refinement”.


Shares in the company were down 0.4% at 226.9p in early deals on Friday.

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