LondonMetric Property announces that it has exchanged on the sale of its last remaining office asset in Marlow to Kildare Partners for c. €77.6m (£68.5m).
The 231,000 ft² office property is 96.7% let off a WAULT of 7.0 years to Allergan, Dun & Bradstreet, Lexington Catering, Icon Clinical and Aptos. The rental income is €5.6m (£4.9m) pa.
The property was acquired in 2012 for c. €57m (£50.2m), reflecting a NIY of 8.9%. Since acquisition, LondonMetric has undertaken eight occupier transactions increasing the rent by 8%. The asset has generated an ungeared IRR of 9.6% pa since purchase.
A 10% deposit was paid on exchange and completion will take place in January 2018. Total receipts upon completion will be at book value.
Andrew Jones, Chief Executive of LondonMetric, commented: “This final disposal completes our exit from the office sector following earlier sales in the City of London, Leatherhead and Crawley, which have generated over ca. €453.5m (£400m) of receipts. The delayed completion into next year will enable us to selectively redeploy the proceeds into our growing distribution portfolio which, following this disposal, represents over 67% of our total portfolio.”
LondonMetric was advised by Knight Frank and DTRE. CBRE advised Kildare Partners.
