25th Mar 2019 08:14
LONDON (Alliance News) - LondonMetric Property PLC on Monday said it has sold two logistics warehouses in Sheffield and Wakefield for the total price of GBP67.0 million.
The FTSE 250-listed retail property investor company said both properties were sold to Exeter Property Group.
The 527,000 square feet property in Wakefield, which was previously occupied by Poundworld, has been sold for GBP43.5 million.
Meanwhile, the 335,000 square feet property in Sheffield has been sold for GBP23.5 million. It is currently let to Marks & Spencer Group PLC until Monday next week.
"As a real estate investment trust, we continue to be attracted to the income compounding qualities of well let real estate and so have reacted to an off market approach to monetise these two non-income generating properties," said Chief Executive Andrew Jones.
"The receipts will be recycled into more urban logistics assets where valuations are better supported and future rental growth is more certain," added Jones.
LondonMetric Property shares were trading 0.8% higher early on Monday at 196.50 pence each.
Related Shares:
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