LondonMetric Property PLC LONDONMETRIC SELLS GBP11M OF LONG INCOME ASSETS (3644W)
April 23 2021 - 01:00AM
UK Regulatory
TIDMLMP
RNS Number : 3644W
LondonMetric Property PLC
23 April 2021
23 April 2021
LONDONMETRIC PROPERTY PLC
LONDONMETRIC SELLS GBP11 MILLION OF LONG INCOME ASSETS
LondonMetric Property Plc ("LondonMetric") announces that it has
sold two long income assets let to M&S and Wickes in Derby for
a combined consideration of GBP11.1 million at a blended NIY of
6.0% and a 7% surplus to the last reported book value.
The disposals comprise:
-- A 15,000 sq ft M&S Foodhall, sold by way of a forward
commitment to an overseas private investor for GBP6.2 million. The
asset is let for 15 years at a rent of GBP25 psf. Completion of the
sale is expected at the end of the year
-- A 34,000 sq ft Wickes store, sold to an overseas property
company for GBP4.9 million. The property was acquired by
LondonMetric three years' ago as part of a portfolio and is let for
a further 11 years. Completion of the sale is expected in
August.
Andrew Jones, Chief Executive of LondonMetric, commented:
"These disposals reflect the growing demand for good quality
long income real estate, for which we continue to receive
attractive approaches.
"We constantly look to re-balance our portfolio and will recycle
the sale proceeds into opportunities in strong geographies that
provide certainty of income and income growth."
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
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, with 16 million sq ft under management. 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
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END
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