30 May 2024
LONDONMETRIC PROPERTY
PLC
LONDONMETRIC SELLS £31
MILLION OF RETAIL ASSETS AND ACQUIRES £45 MILLION OF URBAN
WAREHOUSES
LondonMetric Property Plc ("LondonMetric" or
"Company") announces that it has sold seven properties in
separate transactions for £31.3 million, reflecting a blended NIY
of 7.0% and a 3% profit over prevailing book values.
They include £18.3 million of non-core LXi REIT
assets, which have been sold at 5% ahead of prevailing book
values.
The sales
comprise:
·
A 106,000 sq ft Asda foodstore in
Scotland (former LXi asset) sold for £10.5 million;
·
A 41,000 sq ft retail park in
Ipswich let to Wickes, Topps Tiles, McDonalds and Costa sold for
£10.2 million;
· Two former Cazoo
car showrooms in Edinburgh and Cardiff (former LXi assets) sold for
£6.4 million;
· A B&M retail
store in Stourbridge (former Mucklow asset) sold for £2.8 million;
and
· A Travelodge
hotel and a pub (former LXi assets) sold for £1.4
million.
Separately, LondonMetric has acquired six
reversionary urban warehouse assets for £45.0 million, reflecting a
NIY of 6.1% and a reversionary yield of 6.6%.
The assets acquired have a WAULT of 7.6 years
and comprise:
· A 106,000 sq ft
warehouse in Cardiff let to Booker;
· A 95,000 sq ft
warehouse in Milton Keynes let to Ingram Content Group;
· A 30,000 sq ft
multi-let warehouse in York;
· A 28,000 sq ft
multi-let warehouse in Reading; and
· Two warehouses
totalling 37,000 sq ft in Derby and Huntingdon, acquired through a
15-year sale and leaseback with Travis Perkins.
Andrew Jones, Chief Executive of LondonMetric,
commented:
"We are delighted to have exited these non-core
assets and reinvested the proceeds into much higher quality assets,
which offer superior rental growth potential.
"We are continually looking to upgrade the
quality of our portfolio and exit lower growth assets outside of
our core sectors or those that do not meet our return criteria. As
such, we expect to announce further disposals shortly."
For
further information, please contact:
LondonMetric
Property Plc
Andrew Jones / Martin McGann / Gareth
Price
Tel: +44 (0) 20 7484 9000
FTI
Consulting
Dido Laurimore / Richard Gotla / Andrew
Davis
Tel: +44 (0) 20 3727 1000
londonmetric@fticonsulting.com
About
LondonMetric Property Plc
LondonMetric is the UK's
leading triple net lease REIT with a £6
billion portfolio aligned to structurally supported sectors
of logistics, healthcare, convenience, entertainment and leisure.
It owns and manages desirable real estate that
meets occupiers' demands, delivers reliable, repetitive and growing
income-led returns and outperforms over the long term.
Further information is available
at www.londonmetric.com