LondonMetric Property has sold £64.4m of retail assets and acquired two warehouses for £26.2m.
The REIT has sold the 71,000 sq ft Cantium retail park in South East London (pictured) for £48.5m and a new 40,000 sq ft M&S store in Weymouth for £15.9m.
LondonMetric has also acquired two warehouses let to Booker in separate transactions. In South Elmsall, the company has acquired a 159,000 sq ft long let logistics assets for £16.9m and in Southend-on-Sea it has picked up a 93,000 sq ft Booker Cash & Carry for £9.25m.
Andrew Jones, chief executive of LondonMetric, said: “Following strong approaches for high quality long income product, we have decided to monetise two mature assets where we have completed on our business plans. Some of the sale proceeds have already been deployed into NNN assets at yields circa 200bps higher and we expect to announce further accretive NNN acquisitions shortly.”
