3rd Sep 2021 09:55
(Alliance News) - LondonMetric Property PLC said Friday it has sold a grocery asset in Liverpool for GBP10.2 million.
LondonMetric noted the deal represents a net initial yield of 4.65%.
The 29,000 square foot asset was acquired in 2014 for GBP8.1 million and is let to Marks & Spencer Group PLC and Aldi. It generates rent of GBP500,000 per annum.
The sale price is line with the March 31 book value, the company said.
Chief Executive Andrew Jones said: "This asset was one of our first grocery acquisitions and has delivered a strong return. The sale demonstrates the strength of demand for long let income, particularly smaller format grocery."
Shares in LondonMetric Property were 0.3% higher in London on Friday morning at 263.30 pence each.
By Paul McGowan; [email protected]
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