LondonMetric Property has generated £40.4m from the sale of five urban warehouse assets.
The mature and non-core assets have been sold in separate transactions to owner occupiers and long-only funds.
Three assets in Walthamstow, Park Royal and Croydon, sold for £30.8m in deals reflecting a net initial yield of 3.9%, and two warehouses in Birmingham and Aberdeen sold for £9.6m in deals reflecting a net initial yield of 5.7%.
Andrew Jones, chief executive of LondonMetric, said: “The sales are both strategic and opportunistic. We have monetised lower yielding assets that have delivered on their asset management plans to deliver strong unlevered returns. The sales proceeds will be reinvested into our core sectors and assets that have superior income and rental growth prospects.”
