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LondonMetric Property PLC on Thursday announced a rejig of its property portfolio. The London-based real estate investment trust sold seven retail properties across England, Scotland, and Wales in separate transactions. LondonMetric received £31.3 million, saying this represented a 3.0% profit over prevailing book values and a blended net initial yield of 7.0%. Properties in the sale included a retail park, retail stores, former car showrooms, as well as a hotel and pub. Chief Executive Andrew Jones said: ‘We are delighted to have exited these non-core assets and reinvested the proceeds into much higher quality assets, which offer superior rental growth potential...We expect to announce further disposals shortly.’ Separately, LondonMetric acquired six urban warehouse properties for £45.0 million with a net initial yield of 6.1% and a reversionary yield of 6.6%. Combined, the new assets cover 296,000 square feet and have a weighted average unexpired lease term of 7.6 years. The warehouses are situated across Cardiff, Milton Keynes, York, Reading, Derby and Huntington. This most recent round of sales and acquisitions follows the merger between LondonMetric and LXi REIT PLC in March. Back then, Jones said trust would increase its logistics exposure and that an enlarged balance sheet as a result of the merger would help the company to take advantage of acquisition opportunities. London Metric shares were up 0.9% to 200.40 pence each in London on Thursday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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