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LondonMetric Property sells four properties for £22.2m, acquires three services stations for £10.8m
StockMarketWire.com
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Real Estate Investment Trust LondonMetric Property said it had sold four retail properties from its long income portfolio for £22.2 million, reflecting a blended net initial yield of 4.6%.
The company also announced the acquisition of three convenience service stations in Brentwood, Pevensey and Lewes for £10.8 million, reflecting a net inital yield of 4.7%.
The disposals - located in Leicester, Isle of Man, Haslemere and Ferndown - crystallise a £4.1 million profit on cost and delivered an ungeared return of 11% pa since purchase. Total receipts upon completion would be 1.3% above March 2020 book value, the company said.
'These are all good sales which, together with our latest acquisition of three quality assets let to BP, improves our income granularity, lease lengths and credit whilst providing better certainty of income growth and geographical focus,' it added.
At 9:46am: (LON:LMP) Londonmetric Property PLC share price was -1.4p at 220.8p
Story provided by StockMarketWire.com
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