LondonMetric Property Plc (LondonMetric) has sold five assets. The deal's combined worth is c. €50m, reflecting a NIY of 4.5%. The sales are in line with the 31 March 2023 book value.
Three of the assets have been sold individually for c. €30m in total, with a WAULT of 12 years. The first of the three is a c. 5,400m2 long income asset in Durham let to LIDL and The Range, sold for c. €16.5m. The second one is a c. 2,600m2 urban warehouse in Croydon let to HTC, sold for c. €9.5m. The third is a long-income property located close to London Bridge, sold for c. €3.7m.
The other two assets are urban warehousing estates that have been sold as a portfolio for c. €20.5m with a WAULT of five years: c. 34,150m2 in Croydon across 17 units and c. 1,600m2 in Oxford across eight units.
Andrew Jones, Chief Executive of LondonMetric, commented: “We continue to see good liquidity for our assets at prices in line with current book values. These sales further reduce our floating rate debt which is now only £35 million and represents just 4% of total drawn debt. This will have a positive impact on our earnings as well as further reduce our loan to value.”
