11 July 2024
LONDONMETRIC PROPERTY
PLC
LONDONMETRIC SELLS £27
MILLION OF RETAIL AND OFFICE ASSETS
LondonMetric Property Plc ("LondonMetric" or
"Company") announces that it has sold five properties, in
separate transactions, for £26.7 million, reflecting a 6% profit
over 31 March 2024 book values.
The retail and office sales
comprise:
· A 51,000 sq ft
convenience-led retail asset in Weymouth for £14.3 million, with a
WAULT to first break of 12 years (recently developed by
LondonMetric);
· A
19,000 sq ft office in High Wycombe for £3.9 million, with a WAULT
to first break of three years (former CTPT asset);
· A
15,000 sq ft office in Halesowen and adjacent land for a combined
£3.2 million, with a WAULT to first break of four years (former
Mucklow asset);
· An 11,000 sq ft
drive-thru site in Birstall for £4.1 million; and
· A 1,400 sq ft
high street retail unit in Kingston for £1.2 million (former CTPT
asset).
Andrew Jones, Chief Executive of LondonMetric,
commented:
"These sales represent our exit from further
non-core and lower growth assets where we have completed on our
business plans. Since the end of March, we have now sold almost
£100 million and expect to exchange on further sales
shortly.
"As we continually upgrade our portfolio, the
sales proceeds will be reinvested into higher quality assets, which
offer superior rental growth potential."
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