LondonMetric Property has sold five assets for £42.8m, reflecting a net initial yield of 4.5%. The REIT said the combined sales were in line with the 31 March 2023 book value.
LondonMetric sold two urban warehousing estates as a portfolio to an unnamed buyer for £17.5m. The estates, which had a WAULT of five years, were located in Croydon (34,000 sq ft) and Oxford (18,000 sq ft).
The REIT also sold three assets, with a WAULT of 12 years, to individual unnamed buyers for £25.3m. LondonMetric received £14.1m for a 58,000 sq ft long income asset in Durham let to Lidl and The Range, £8.1m for a 28,000 sq ft urban warehouse in Croydon let to HTC and £3.1m for a long income property located close to London Bridge.
Andrew Jones, chief executive of LondonMetric, said: “We continue to see good liquidity for our assets at prices in line with current book values. These sales further reduce our floating rate debt which is now only £35m and represents just 4% of total drawn debt. This will have a positive impact on our earnings as well as further reduce our loan to value.”
