LondonMetric Property has sold a grocery asset in Liverpool for circa €12m (£10.2m), reflecting a NIY of 4.65%. The 29,000ft² asset was acquired in 2014 for €9.4m (£8.1m) and is let to M&S and Aldi. It generates a rent of €0.6m (£0.5m) p.a. and has a WAULT of 12.6 years. The sale price is line with the 31 March 2021 book value and crystallises a 26% profit on cost and an ungeared IRR of 9%.
Andrew Jones, Chief Executive of LondonMetric, commented: “This asset was one of our first grocery acquisitions and has delivered a strong return. The sale demonstrates the strength of demand for long let income, particularly smaller format grocery.”