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LondonMetric Property PLC on Monday said it has sold seven long income assets for £34 million, with the company’s share at £30 million. The London-based property investor said the sales represent a 28% profit on cost and a blended net initial yield of 4.5%. The company said the assets generate £1.4 million in rent per year, and have a weighted average unexpired lease term of 14 years. The highest vale asset included in the sale was a 16,000 square foot Premier Inn in Ringwood, which the company sold for £8.65 million, taking a share of £4.3 million. The remaining assets sold were an Aldi store in Weymouth for £6.8 million, an urban warehouse in Salford for £6.6 million, a self storage unit in Olbury for £5.7 million, a trade unit in Littlehampton for £4.0 million, and two IMO car washes for £2.2 million. LondonMetric also said it has completed the sale of a new M&S Foodhall in Derby, which was announced in 2021. The assets were sold at a 4.7% average discount to the book value at September 30, the firm said. Chief Executive Officer Andrew Jones said: ‘With the investment market strengthening over the past few months, we have taken advantage of this improved liquidity to opportunistically sell down some of our more mature long income assets. These sales crystallise strong returns and have been transacted at attractive yields and narrow discounts to book values.’ LondonMetric shares were up 0.3% trading at 186.40 pence per share on Monday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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