LONDONMETRIC SELLS £11M OF LONG INCOME ASSETS
23 April 2021
LONDONMETRIC PROPERTY PLC
LONDONMETRIC SELLS £11 MILLION OF LONG INCOME ASSETS
LondonMetric Property Plc ("LondonMetric") announces that it has sold two long income assets let to M&S and Wickes in Derby for a combined consideration of £11.1 million at a blended NIY of 6.0% and a 7% surplus to the last reported book value.
The disposals comprise:
· A 15,000 sq ft M&S Foodhall, sold by way of a forward commitment to an overseas private investor for £6.2 million. The asset is let for 15 years at a rent of £25 psf. Completion of the sale is expected at the end of the year
· A 34,000 sq ft Wickes store, sold to an overseas property company for £4.9 million. The property was acquired by LondonMetric three years' ago as part of a portfolio and is let for a further 11 years. Completion of the sale is expected in August.
Andrew Jones, Chief Executive of LondonMetric, commented:
"These disposals reflect the growing demand for good quality long income real estate, for which we continue to receive attractive approaches.
"We constantly look to re-balance our portfolio and will recycle the sale proceeds into opportunities in strong geographies that provide certainty of income and income growth."
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 a FTSE 250 REIT that owns one of the UK's leading listed logistics platforms alongside a diversified long income portfolio, with 16 million sq ft under management. 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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