LondonMetric Property has raised £57.9m from the sale of 24 properties in non-core sectors.
Of the properties sold, 22 were LXi properties. The assets included a 73,000 sq ft Asda food store in Halesowen, which sold for £28m; a leisure asset in Hamilton, which sold for £9m; five pubs across the UK, which sold for £8.2m; 12 assisted living assets, which sold for £6.7m and marked LondonMetric’s exit from the assisted living sector; and three Travelodge hotels, which sold for £4m.
The company has also acquired a retail park on the outskirts of Basildon for £10m in a deal reflecting a net initial yield of 6.7% rising to 7.3% following upcoming rent reviews.
The retail park sits adjacent to the A13, next to an Aldi store and includes two drive thrus. It is let to Pets at Home, Poundland, Farmfoods, McDonald’s and KFC with a WAULT of five years.
Andrew Jones, chief executive of LondonMetric, said: “These are a series of excellent disposals reflecting our strategy of exiting assets and sectors that are incompatible with the listed REIT sector. We are redeploying the proceeds into winning sectors and higher quality assets that will provide better income reliability, predictability and trajectory.”
