UK real estate investment trust LondonMetric Property has sold 24 non-core assets worth £57.9m (€69m) in total and has invested £10m to acquire a retail park.
LondonMetric said the assets sold include a 73,000sqft Asda foodstore in Halesowen, sold for £28m; a leisure property in Hamilton, sold for £9m; five pubs across various locations, sold for £8.2m; 12 assisted living properties, sold for £6.7m, marking the firm’s exit from the assisted living sector.
LondonMetric has also sold three Travelodge hotels in Perth, Carlisle and Stonehouse, for £4m; along with a small development site in London and a Boots retail unit in Bangor, sold for £2m.
The disposal amount reflects a 6% profit over prevailing book values, LondonMetric said, adding that the price paid for the retail park on the outskirts of Basildon reflects a net initial yield of 6.7% rising to 7.3% following upcoming rent reviews.
Andrew Jones, CEO of LondonMetric, said: “These are a series of excellent disposals reflecting our strategy of exiting assets and sectors that are incompatible with the listed REIT sector.
“We are redeploying the proceeds into winning sectors and higher quality assets that will provide better income reliability, predictability and trajectory.”
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