7th Apr 2025 07:00
7 April 2025
LONDONMETRIC PROPERTY PLC
LONDONMETRIC TRANSACTS ON £40 MILLION OF LOGISTICS SALES
LondonMetric Property Plc ("LondonMetric") announces that it has sold £40.4 million of mature and non-core urban warehousing, reflecting a NIY of 4.3%.
The five assets have been sold in separate transactions to owner occupiers and long only funds, and comprise:
· Three London warehouses in Walthamstow, Park Royal and Croydon, sold for £30.8 million and reflecting a NIY of 3.9%; and
· Two warehouses in Birmingham and Aberdeen, sold for £9.6 million and reflecting a NIY of 5.7%;
The sales are in line with 30 September book values and have delivered a profit on cost of 30% and an ungeared IRR of 10%.
Over the year to 31 March 2025, LondonMetric has sold over 70 assets for £347 million (LondonMetric share: £342 million) at 1.6% above prevailing book values.
Andrew Jones, Chief Executive of LondonMetric, commented:
"The sales are both strategic and opportunistic. We have monetised lower yielding assets that have delivered on their asset management plans to deliver strong unlevered returns. The sales proceeds will be reinvested into our core sectors and assets that have superior income and rental growth prospects."
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann / Gareth Price
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Richard Gotla / Andrew Davis
Tel: +44 (0) 20 3727 1000
About LondonMetric Property Plc
LondonMetric is the UK's leading triple net lease REIT with a £6 billion portfolio aligned to structurally supported sectors of logistics, healthcare, convenience, entertainment and leisure. It owns and manages desirable real estate that meets occupiers' demands, delivers reliable, repetitive and growing income-led returns and outperforms over the long term.
Further information is available at www.londonmetric.com
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