UK logistics real estate investment trust LondonMetric Property has sold four long-income and retail assets in separate transactions for £16.9m (€19.7m), using the proceeds to pay off all its outstanding floating-rate debt.
The FTSE 250 logistics platform said the largest of the sold assets is a 27,000sqft Waitrose store in Malmesbury which was sold for £9.6m. The Malmesbury asset was acquired from Waitrose as part of a sale and leaseback portfolio of five stores in June 2020.
LondonMetric said the remaining assets comprise 47,000sqft of high street retail in Sunningdale and Rayleigh sold for £7.3m. The three properties total 15 units and were acquired by LondonMetric as part of the CT Property acquisition which was completed last month.
LondonMetric said the sale amount of £16.9m is in line with the assets’ book value.
Andrew Jones, chief executive of LondonMetric Property, said: “Following the completion of our CT Property acquisition last month, we have been proactively looking to dispose of select non-core assets.
“We are very pleased to have quickly transacted on several sales at prices above our allocated book values, with the proceeds enabling us to pay off all outstanding floating rate debt, leaving 100% of our drawn debt hedged. We expect to announce further sales shortly.”
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