LondonMetric Property has sold two DFS retail properties in Swindon and Swansea for €15.54m (£13.9m) on behalf of the Company’s DFS Joint Venture.
The two properties formed part of a portfolio of 27 DFS assets acquired in 2014 for €195.67m (£175m) at a NIY of 9.3%. The sales reflect a blended NIY of 7.5% and are in excess of book value.
The Joint Venture has now sold a total of 17 stores for a total receipt of €128.14m (£114.6m). It has delivered an IRR to its Partners of 23% pa and a profit of over €55.9m (£50m).
Atlantic Leaf Properties Limited has recently acquired a 45.0% interest in the Joint Venture from LVS II Lux X S.A.R.L.. LondonMetric has increased its equity to 45.0%.
