UK investor LondonMetric has sold 24 properties across various non core sectors for a total consideration of £57.9 mln (€69 mln), reflecting a 6% profit over prevailing book values.
The sales include 22 LXi properties and include a 73,000 ft2 (6,700 m2) large format Asda foodstore in Halesowen, sold for £28 mln, a leisure asset in Hamilton, sold for £9.0 mln, and five pubs across various locations, sold for a total consideration of £8.2 mln. The firm also divested 12 assisted living assets, sold for £6.7 mln, marking the company's exit from the assisted living sector.
Since 31 March, LondonMetric has sold 52 assets for £209 mln, reflecting a net initial yield of 7.6%.
Separately, LondonMetric has acquired a retail park on the outskirts of Basildon for £10 mln, reflecting a NIY of 6.7% rising to 7.3% following upcoming rent reviews.
The property is located adjacent to the A13, next to an Aldi store and includes two drive thrus. It is let to Pets at Home, Poundland, Farmfoods, McDonald’s and KFC with a WAULT of five years and offers significant value enhancement opportunities.
Andrew Jones, chief executive of LondonMetric, commented: 'These are a series of excellent disposals reflecting our strategy of exiting assets and sectors that are incompatible with the listed REIT sector. We are redeploying the proceeds into winning sectors and higher quality assets that will provide better income reliability, predictability and trajectory.'
