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LondonMetric Property PLC on Thursday said it has sold five long income and urban assets for £42.8 million. The London-based property investor said three of the assets have been sold individually for £25.3 million in total, with a weighted average unexpired lease term of 12 years. This includes a 58,000 square foot long income asset in Durham let to Lidl Great Britain Ltd and The Range Ltd; a 28,000 square foot urban warehouse in Croydon let to HTC Corp; and a long income property located close to London Bridge. They have been sold for £14.1 million, £8.1 million, and £3.1 million, respectively. The other two assets are urban warehousing estates that have been sold as a portfolio for £17.5 million with a WAULT of five years. This includes a 34,000 square foot in Croydon across 17 units; and 18,000 square foot in Oxford across eight units. The combined sales are in line with the March 31 book value. Chief Executive Officer Andrew Jones said: ‘We continue to see good liquidity for our assets at prices in line with current book values. These sales further reduce our floating rate debt which is now only £35 million and represents just 4% of total drawn debt. This will have a positive impact on our earnings as well as further reduce our loan to value.’ Shares in LondonMetric were down 1.8% to 167.00 pence each in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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