LondonMetric Property PLC SECOND MUCKLOW OFFICE DISPOSAL
13 Gennaio 2020 - 8:00AM
RNS Non-Regulatory
TIDMLMP
LondonMetric Property PLC
13 January 2020
13 January 2020
LONDONMETRIC PROPERTY PLC
SECOND MUCKLOW OFFICE DISPOSAL
LondonMetric Property Plc ("LondonMetric") announces that it has
sold an office park in Worcester for GBP6.2 million, reflecting a
NIY of 6.7%.
The 28,000 sq ft out of town office scheme was acquired through
the Mucklow acquisition in June 2019 for an allocated purchase
price of GBP5.9 million. It is fully let for a further seven years
to various occupiers at a rent of GBP15.60 psf.
The disposal price is 4.3% above acquisition cost and 2.5% above
book value. The remaining office portfolio now totals nine
investments and is valued at c.GBP55 million.
Completion of the disposal is delayed until the end of March
2020.
Andrew Jones, Chief Executive of LondonMetric, commented:
"This is our second office disposal from the Mucklow portfolio
and we will continue to further sell down our non-core office
investments."
FSP acted for LondonMetric and B2 Retail acted for the
purchaser.
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
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT that owns one of the UK's
leading listed logistics platforms alongside a diversified long
income portfolio. 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. LondonMetric
has 15 million sq ft under management.
Further information is available at www.londonmetric.com
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END
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