LondonMetric Property has sold five retail and office properties for a total of £26.7 mln (€31.7 mln), representing a 6% increase over their valuations as of 31 March.
The list of divested properties includes a newly developed retail asset in Weymouth with a focus on convenience stores, sized at 4,378 m2, sold for £14.3 mln (€17 mln). The lease has a weighted average unexpired lease term (WAULT) of 12 years until the first potential break clause.
A former CTPT office building in High Wycombe, measuring 1,765 m2, was sold for £3.9 mln (€4.6 mln). The WAULT for this property is three years until the first potential break.
Another former CTPT asset, a 130 m2 retail unit on a high street in Kingston, was sold for £1.2 mln (€1.4 mln).
Also divested is an office property in Halesowen, previously owned by Mucklow, sold along with adjacent land for a combined £3.2 mln (€3.8 mln). The total size is 1,393 m2 and the WAULT is four years until the first potential break clause.
Finally, a drive-thru site in Birstall measuring 1,021 m2 was sold for £4.1 mln (€4.9 mln).
Andrew Jones, CEO of LondonMetric, commented: ‘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 £100 mln (€119 mln) 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.’
