10th Dec 2015 07:59
LONDON (Alliance News) - LondonMetric Property PLC said Thursday that it has agreed to sell its 210,000 square foot WH Smith PLC distribution warehouse in Birmingham for GBP18.2 million.
This represents a net initial yield of 5.2%, the company said. The sale generates a geared internal rate of return of over 40%.
"The current property market remains strong for well let real estate assets and so we have monetised this investment after concluding a successful asset management initiative. This asset has delivered strong returns and we will take the opportunity to recycle the proceeds into more accretive distribution and development opportunities," said Chief Executive Andrew Jones in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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