LondonMetric Property has sold four offices and two long-income assets in separate transactions, for £24.5m.
Four non-core assets have been sold from the recently acquired CT Property Trust portfolio for £15.3m, comprising three regional offices and a car showroom in Newbury. The buildings have a WAULT of six years.
LondonMetric has also sold an office in Worcester for £3.2m and in response to an off-market approach it has sold a convenience food investment in Leicester for £6.0m, reflecting a topped up NIY of 5.3%. The property was acquired in 2016 for £4.6m and is let to Aldi for a further 13 years.
Andrew Jones, chief executive of LondonMetric, said: “Despite elevated debt costs, we are seeing good liquidity for smaller lot sizes across all sectors of the investment market. Since completion of the CTPT acquisition in August, we have now sold seven of the 33 assets acquired representing circa 8% of the portfolio by value, at prices comfortably ahead of our underwrite values.”
