7th Jan 2019 07:47
LONDON (Alliance News) - LondonMetric Property PLC on Monday said it sold three distribution warehouses for a total of GBP24.3 million.
The FTSE 250 property management company said the disposal price was 4.0% above book value. The three properties combined have a weighted average unexpired lease term to first break of 3.4 years and all are subject to open market rent reviews.
"Whilst these sales will have an impact on our short term earnings, they are the right property decisions, which strengthen the remaining portfolio," Chief Executive Andrew Jones said.
"The market remains strong for real estate assets with structural support. Whilst we remain focused on growing our logistics portfolio, we have continued to monetise some of our shorter let assets, where we benefitted from yield compression, but where we believe rental growth, in the weaker geographies, is less certain," Jones added.
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