|
LondonMetric Property PLC on Thursday said it has sold four offices and two long income assets for £24.5 million in total. Shares in the London-based real estate investor were up 6.7% at 177.85 pence each in London on Thursday morning. Four non-core assets have been sold from the recently acquired CT Property Trust Ltd portfolio for £15.3 million, comprising three regional offices and a car showroom in Newbury. The buildings have a weighted average unexpired lease term of six years. LondonMetric agreed to buy CT Property Trust in an all-share £199 million takeover back in May. The acquisition was completed in August. LondonMetric has also sold an office investment in Worcester for £3.2 million which was acquired as part of the A & J Mucklow takeover in 2019 and is let for a further seven years. In addition, and in response to an off-market approach, LondonMetric has sold a convenience food investment in Leicester for £6.0 million, reflecting a topped up NIY of 5.3%. The property was acquired in 2016 for £4.6 million and is let to Aldi for a further 13 years. The six assets have been sold at 1% above book value, LondonMetric noted Following these disposals, £154 million of assets have now been sold by LondonMetric this financial year. ‘Despite elevated debt costs, we are seeing good liquidity for smaller lot sizes across all sectors of the investment market,’ commented Chief Executive Andrew Jones. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
