Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
London-based property investor LondonMetric Property PLC on Tuesday said it has sold five warehouses in two transactions for £34.8 million
Four of the assets have been sold as a portfolio for £25.5 million. This includes a 82,000 square foot property in Coventry, a 42,000 sq ft property in Warrington, a 37,000 sq ft property in Golden Cross, Birmingham, and a 37,000 sq ft property in Redfern, Birmingham.
In a separate transaction, LondonMetric has sold an additional 91,000 sq ft unit in Coventry for £9.3 million.
The company said that the sales reflect a net initial yield of 5.0% and a 4.0% discount to the September 30 book value. It added that the sales crystallise an ungeared internal rate of return of 11% and a 28% profit on cost.
Chief Executive Andrew Jones said: ‘These assets have performed well since acquisition and support our early macro call into urban logistics.
‘Our disposals over the last 12 months now total £250 million and we will continue to seek out new urban and regional warehouse opportunities where we can leverage our asset management capabilities.’
Shares in LondonMetric were down 1.5% to 164.00 pence each in London on Tuesday morning.
Copyright 2023 Alliance News Ltd. All Rights Reserved