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LondonMetric sells long income, retail assets for GBP17 million

11th Sep 2023 08:31

(Alliance News) - LondonMetric Property PLC on Monday said it sold four long income and retail assets.

The London-based real estate investor said the four separate assets are for a total of GBP16.9 million.

The largest asset sold is a 27,000 square feet Waitrose store in Malmesbury for GBP9.6 million, with a net initial yield of 4.66%. LondonMetric bought the property as part of a sale & leaseback portfolio of five stores in June 2020. The weighted average unexpired lease term is 17 years.

The remaining assets are 47,000 square feet of high street retail in Sunningdale and Rayleigh which LondonMetric sold for GBP7.3 million with a net initial yield of 8.62%. The properties total 15 units and have a weighted average unexpired lease term of four years. The company bought the properties as part of the real estate investment trust CT Property Trust Ltd acquisition last month, which was valued at GBP198.6 million.

LondonMetric Chief Executive Officer Andrew Jones said: "Following completion of our CT Property acquisition last month, we have been proactively looking to dispose of select non-core assets. We are very pleased to have quickly transacted on several sales at prices above our allocated book values, with the proceeds enabling us to pay off all outstanding floating rate debt, leaving 100% of our drawn debt hedged. We expect to announce further sales shortly."

LondonMetric shares were 0.9% higher at 174.80 pence each in London on Monday morning.

By Tom Budszus, Alliance News reporter

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