LondonMetric Property Plc has sold a grocery asset in Liverpool for £10.2 million, reflecting a NIY of 4.65%.
The 29,000 sq ft asset was acquired in 2014 for £8.1 million and is let to M&S and Aldi. It generates a rent of £0.5 million p.a. and has a WAULT of 12.6 years.
The sale price is line with the 31 March 2021 book value and crystallises a 26% profit on cost and an ungeared IRR of 9%.
“This asset was one of our first grocery acquisitions and has delivered a strong return. The sale demonstrates the strength of demand for long let income, particularly smaller format grocery,” said Andrew Jones, Chief Executive of LondonMetric.