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London-based property investor LondonMetric Property PLC on Tuesday said it has sold five warehouses in two transactions for £34.8 million Four of the assets have been sold as a portfolio for £25.5 million. This includes a 82,000 square foot property in Coventry, a 42,000 sq ft property in Warrington, a 37,000 sq ft property in Golden Cross, Birmingham, and a 37,000 sq ft property in Redfern, Birmingham. In a separate transaction, LondonMetric has sold an additional 91,000 sq ft unit in Coventry for £9.3 million. The company said that the sales reflect a net initial yield of 5.0% and a 4.0% discount to the September 30 book value. It added that the sales crystallise an ungeared internal rate of return of 11% and a 28% profit on cost. Chief Executive Andrew Jones said: ‘These assets have performed well since acquisition and support our early macro call into urban logistics. ‘Our disposals over the last 12 months now total £250 million and we will continue to seek out new urban and regional warehouse opportunities where we can leverage our asset management capabilities.’ Shares in LondonMetric were down 1.5% to 164.00 pence each in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved
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