LondonMetric Property has agreed to sell five urban assets for £42.8 million, reflecting a NIY of 4.5%.
The combined sales are in line with the 31 March 2023 book value, the REIT said.
Three of the assets have been sold individually for £25.3 million in total, with a WAULT of 12 years:
- a 58,000 sq ft long income asset in Durham let to LIDL and The Range, sold for £14.1 million;
- a 28,000 sq ft urban warehouse in Croydon let to HTC, sold for £8.1 million; and
- a long income property located close to London Bridge, sold for £3.1 million.
The other two assets are urban warehousing estates that have been sold as a portfolio for £17.5 million with a WAULT of five years:
- 34,000 sq ft in Croydon across 17 units; and
- 18,000 sq ft in Oxford across eight units.
Total sales since 31 March 2023 amount to £64 million and are at a 1% premium to the 31 March book value.
Andrew Jones, Chief Executive of LondonMetric, commented: “We continue to see good liquidity for our assets at prices in line with current book values. These sales further reduce our floating rate debt which is now only £35 million and represents just 4% of total drawn debt. This will have a positive impact on our earnings as well as further reduce our loan to value.”
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