LondonMetric Property has offloaded five UK retail and office properties in separate transactions for a combined sum of £26.7m (€31.7m), a deal that marks the company’s exit from non-core and lower-growth assets.
The UK triple net lease real estate investment trust (REIT) said the disposal amount reflects a 6% profit over 31 March 2024 book values.
The assets comprise a 51,000sqft convenience-led retail asset in Weymouth which was sold for £14.3m; a 19,000sqft office in High Wycombe sold for £3.9m; a 15,000sqft office in Halesowen and adjacent land sold for a combined £3.2m; an 11,000sqft drive-thru site in Birstall sold for £4.1m; and a 1,400sqft high street retail unit in Kingston sold for £1.2m.
Andrew Jones, CEO of LondonMetric, said: “These sales represent our exit from further non-core and lower growth assets where we have completed on our business plans. Since the end of March, we have now sold almost £100m and expect to exchange on further sales shortly.
“As we continually upgrade our portfolio, the sales proceeds will be reinvested into higher quality assets, which offer superior rental growth potential.”
Traded on the London Stock Exchange, LondonMetric has a £6bn property portfolio “aligned to structurally supported sectors” including logistics, healthcare, convenience retail, entertainment and leisure.
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