IN BRIEF: LondonMetric sells five warehouses for GBP40.4 million
LondonMetric Property PLC - London-based real estate investment trust - Sells GBP40.4 million of mature and non-core urban warehousing, reflecting a net yield of 4.3%. Five assets have been sold in separate transactions to owner occupiers and long only funds. The deal includes three London warehouses in Walthamstow, Park Royal and Croydon, sold for GBP30.8 million and reflecting a NIY of 3.9%; and two warehouses in Birmingham and Aberdeen, sold for GBP9.6 million and reflecting a NIY of 5.7%. The company says the sales are in line with book values as of the end of September and have delivered a profit on cost of 30% and an ungeared internal rate of return of 10%. The firm says it has sold 70 assets for GBP347 million, taking a GBP342 million share, at 1.6% above prevailing book values in the year to the end of March. Read More