LondonMetric Property Plc (LondonMetric) announces that it has sold ten non-core properties for a total consideration of c. €88.3m and reflecting a NIY of 6.9%. LondonMetric's recent sales include a retail park in Coventry, a training office in Yarnfield, a convenience retail park in Totton, two offices in Coventry, two Stonegate pubs, a former Dobbies garden centre, and two parcels of development land.
Since March 31, 2024, LondonMetric has sold 65 assets for c. €365.3m, at a 2% premium to book value, including a warehouse in Leicester.
Separately, LondonMetric announces that is has acquired seven properties for c. €59.6m, reflecting a NIY of 6.5% which is expected to rise to 7.2% over five years. The deals comprise: four Travis Perkins trade warehouses in Colchester, Lymington, Sheffield, and Trowbridge, a Premier Inn hotel in West Thurrock, a retail property in Andover and a new M&S food store.
Andrew Jones, Chief Executive of LondonMetric, commented: “We have again successfully disposed of non-core assets at prices in line with our valuations and reinvested into higher quality opportunities in strong conviction sectors, where rental growth prospects are more compelling.”
Image source - Londonmetric.
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