UK-listed logistics investor LondonMetric Property has sold a portfolio of three multi-let industrial estates for £46m (€52m).

The FTSE 250 real estate investment trust said the 446,000sqft portfolio was sold slightly above its 30 September 2022 book value.

The estates – located in Birmingham (Coleshill and Stirchley) and Dudley (Enterprise) – were previously acquired as part of the A&J Mucklow Group acquisition in June 2019.

LondonMetric said over £140m of Mucklow assets have now been sold since Since the Mucklow transaction.

Andrew Jones, LondonMetric’s CEO, said: “These assets have generated returns significantly above our initial expectations from accelerated rental growth and material yield compression.

“However, our portfolio is heavily focused on triple-net income and so this is an opportune time to crystallise our investment in multi-let estates.”

Jones said the latest transaction, together with other recent sales, puts LondonMetric in a “strong position to take advantage of new opportunities that we expect to see” across the urban and regional warehouse markets.

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