IN BRIEF: LondonMetric sells multiple assets for over GBP60 million
LondonMetric Property PLC - London-headquartered real estate investment trust - Announces the sale of various non-core and mature assets for GBP61.8 million, in separate transactions at a blended net initial yield of 6.1%. Says all assets were previously acquired through corporate acquisitions. They comprise, firstly, a multi-storey car park in Yorkshire let to Q-Parks and four pubs let to Stonegate, sold for GBP21.7 million at a blended NIY of 7.7%. Secondly, a multi-let industrial estate in Crawley was purchased for GBP21.4 million at a NIY of 5.05%. Thirdly, LondonMetric sold two retail assets let to Lidl and Wickes for GBP10.1 million at a blended NIY of 5.8%. Lastly, an occupier acquired a logistics unit in Southampton for GBP8.6 million at a NIY of 4.8%. Company says disposals are in line with prevailing book values and 10% above the assets' allocated prices at the time of purchase. Read More