LondonMetric Property has sold £39m (€45m) worth of non-core office and retail real estate assets as part of the UK-listed real estate investment trust’s ”portfolio refinement” plan.
LondonMetric said its joint venture with Universities Superannuation Scheme sold two retail assets in North Shields and Llanelli in separate transactions for a total consideration of £21.1m. LondonMetric’s share of the proceeds is £10.6m.
The FTSE 250 company has also sold two offices and a retail unit in Birmingham in three separate deals for £17.4m in total. The assets were originally purchased as part of the A&J Mucklow acquisition in 2019.
LondonMetric said as a result of the latest disposal, it has now sold 12 former Mucklow assets totalling over £60m, including nearly half of the Mucklow office portfolio.
Andrew Jones, chief executive of LondonMetric, said: “As part of our portfolio refinement, we continue to dispose of non-core and mature assets at attractive prices, allowing us to re-invest into opportunities with greater certainty of income and income growth.”
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