LondonMetric Property Plc (LondonMetric) announces that it has sold 24 properties across various non-core sectors for a total consideration of c. €68.9m, reflecting a 6% profit over prevailing book values. The sales include 22 LXi properties and comprise of Asda food store in Halesowen, leisure asset in Hamilton, five pubs across various locations, 12 assisted living assets three Travelodge hotels in Perth, Carlisle and Stonehouse, and a small development site in London and a Boots retail unit in Bangor.
Separately, LondonMetric has acquired a retail park on the outskirts of Basildon for c. €11.9m, reflecting a NIY of 6.7% rising to 7.3% following upcoming rent reviews. The property is located adjacent to the A13, next to an Aldi store and includes two drive thrus. It is let to Pets at Home, Poundland, Farmfoods, McDonald’s and KFC with a WAULT of five years and offers significant value enhancement opportunities.
Andrew Jones, Chief Executive of LondonMetric, commented: "These are a series of excellent disposals reflecting our strategy of exiting assets and sectors that are incompatible with the listed REIT sector. We are redeploying the proceeds into winning sectors and higher quality assets that will provide better income reliability, predictability and trajectory.”
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