2nd Jul 2018 08:42
LONDON (Alliance News) - FTSE 250-listed property investment company LondonMetric Property PLC said on Monday it has sold two convenience stores for GBP10.7 million and purchased one development in Durham for GBP13.3 million.
In the first transaction, two Marks & Spencer stores have been sold for GBP10.7 million, reflecting a net initial yield of 4.5%, after being first acquired by LondonMetric in 2015.
For the second transaction, the 58,000 square feet development in Durham was acquired through a forward funding contract with Kier Property, a subsidiary of FTSE 250 member Kier Group PLC. The property is pre-let to retailers Lidl and The Range for 20 years at GBP13 per square foot.
"The market for long, secure and growing income remains highly competitive, and the convenience sector continues to be well supported by shifting consumer shopping patterns," said Chief Executive Andrew Jones.
Shares in LondonMetric Property were broadly flat at 185.10 pence on Monday.
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