5th Aug 2015 06:50
LONDON (Alliance News) - FTSE 250-listed property company LondonMetric Property PLC on Wednesday said it has signed a deal to sell a distribution facility in Wellingborough for GBP29.2 million.
The sale price for the property, which LondonMetric acquired for GBP19.6 million in June 2009, represents a net initial yield of 5.8%, it added.
The unit is let to Somerfield Stores Ltd and sublet to Yusen Logistics on a short-term basis.
"We will now look to recycle the proceeds into further asset management and development opportunities across the logistics sector that better fit our return criteria," said Chief Executive Andrew Jones.
By Sam Unsted; [email protected]; @SamUAtAlliance
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