UK real estate investor LondonMetric Property has sold four assets for £25.6m (€30m) in two separate deals.
The FTSE 250 real estate investment trust said the first deal involves the sale of a portfolio of three multi-let industrial assets totalling 53 units across 235,000sqft, located in Halesowen and Aston, Birmingham to The Ardent Companies UK for £21.6m. LondonMetric acquired the assets in 2019 as part of the Mucklow acquisition for an allocated price of £15.8m.
The second transaction was the disposal of a roadside asset in Stamford Hill, London for £4m.
LondonMetric said the sales crystallise a blended ungeared internal rate of return of 19% and a 35% profit on cost.
Since the start of the current financial year, LondonMetric has exchanged on £111m of sales at an average premium of 8% to the 31 March 2022 book value, the company said.
Andrew Jones, CEO of LondonMetric Property, said: “We have continued to react to market interest for our assets and, despite the current macro uncertainty, have achieved strong sales that crystalise attractive returns.
“This activity continues to ensure that our portfolio remains modern, fit for purpose and positioned to outperform.”
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