LondonMetric Property has sold two long income assets let to M&S and Wickes in Derby for a combined consideration of €12.8m (£11.1m) at a blended NIY of 6.0% and a 7% surplus to the last reported book value.
The disposals comprise:
- A 15,000ft² M&S Foodhall, sold by way of a forward commitment to an overseas private investor for €7.2m (£6.2m). The asset is let for 15 years. Completion of the sale is expected at the end of the year
- A 34,000ft² Wickes store, sold to an overseas property company for €5.6m (£4.9m). The property was acquired by LondonMetric three years’ ago as part of a portfolio and is let for a further 11 years. Completion of the sale is expected in August.
Andrew Jones, Chief Executive of LondonMetric, commented: “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.”
