LondonMetric Property has sold four long income retail assets in separate transactions for £16.9m.
In Malmesbury, the REIT has sold a 27,000 sq ft Waitrose store – which it acquired from the retailer as part of a sale and leaseback portfolio of five stores in June 2020 – for £9.6m, reflecting a net initial yield (NIY) of 4.66%. The WAULT is 17 years – 12 years to break.
LondonMetric has also sold three high street retail assets in Sunningdale and Rayleigh totalling 47,000 sq ft for £7.3m, reflecting a NIY of 8.62%. The three properties have a WAULT of four years and were acquired by LondonMetric as part of the CT Property acquisition in August 2023.
Andrew Jones, chief executive of LondonMetric, said: “Following completion of our CT Property acquisition last month, we have been proactively looking to dispose of select non-core assets. We are very pleased to have quickly transacted on several sales at prices above our allocated book values, with the proceeds enabling us to pay off all outstanding floating rate debt, leaving 100% of our drawn debt hedged. We expect to announce further sales shortly.”
