UK real estate investment trust LondonMetric Property has completed the sale of five warehouses in separate deals worth £40.4m (€47m) in total.
LondonMetric said the five disposed assets included three London warehouses in Walthamstow, Park Royal and Croydon, sold for a combined £30.8m at a net initial yield (NIY) of 3.9%. The other two warehouses, located in Birmingham and Aberdeen, were sold for £9.6m, reflecting a NIY of 5.7%.
The London-listed firm said the sales were in line with their 30 September book values, delivering a 30% profit on cost and an ungeared internal rate of return of 10%.
Over the year to 31 March 2025, LondonMetric has sold more than 70 assets, realising a total of £347m, with £342m attributable to the firm. These disposals represented a 1.6% uplift on their book values at the time of sale, the company said.
Andrew Jones, CEO of LondonMetric, said: “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.”
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