UK REIT LondonMetric Property has agreed the sale of five assets for £42.8 mln (€50 mln), reflecting a net initial yield of 4.5%. The sales are in line with the 31 March 2023 book value, the vendor said.
Three of the assets have been sold individually for £25.3 mln in total, with a weighted average unexpired lease term (WAULT) of 12 years. They include a 58,000 sq ft (5,390 m2) long income asset in Durham let to Lidl and The Range, sold for £14.1 mln; a 28,000 sq ft urban warehouse in Croydon let to HTC, sold for £8.1 mln; and a long income property located close to London Bridge, sold for £3.1 mln.
The other two assets are urban warehousing estates that have been sold as a portfolio for £17.5 mln with a WAULT of five years. They are a 34,000 sq ft in Croydon across 17 units; and 18,000 sq ft in Oxford across eight units.
Andrew Jones, Chief Executive of LondonMetric, commented: 'We continue to see good liquidity for our assets at prices in line with current book values. These sales further reduce our floating rate debt which is now only £35 mln and represents just 4% of total drawn debt. This will have a positive impact on our earnings as well as further reduce our loan to value.'
