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LondonMetric Property sells "lower growth" assets for GBP27 million

11th Jul 2024 09:19

(Alliance News) - LondonMetric Property PLC on Thursday announced the sale of five retail and office properties across England in separate transactions.

The London-based real estate investor, which recently merged with LXi REIT PLC and CT Property Trust Ltd, said the sales in total amounted to GBP26.7 million, reflecting a 6% profit over valuations from March 31.

A 51,000 square foot convenience-led retail asset in Weymouth sold for GBP14.3 million, alongside a 1,400 sq ft retail unit in Kingston that sold for GBP1.2 million.

The company disposed of a 19,000 sq ft office asset in High Wycombe for GBP3.9million, whilst another 15,000 sq ft office asset and its adjacent land in Halesowen sold for a combined GBP3.2 million.

Lastly, LondonMetric received GBP4.1 million for a 11,000 sq ft drive-through site in Birstall.

Chief Executive Andrew Jones said: "These sales represent our exit from further non-core and lower growth assets where we have completed on our business plans. Since the end of March, we have now sold almost GBP100 million and expect to exchange on further sales shortly."

Proceeds will be reinvested into higher-quality assets, with the company shifting its focus earlier this year towards sectors with greater price stability including logistics, convenience, healthcare and entertainment.

LondonMetric shares were up 0.2% to 196.80 pence each in London on Thursday morning.

By Elijah Dale, Alliance News reporter

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