LondonMetric Property has sold a car showroom in Solihull that it acquired when it took over the Savills IM UK Income and Growth fund last year.
The £15m deal reflects a net initial yield of 4.75%. The 52,000 sq ft site is let to Volkswagen for a further 17 years and generates £800,000 in rent per annum.
The site was part of the 15-asset portfolio bought from Savills for £122m in December.
The company is reinvesting the proceeds in the acquisition of a 40,000 sq ft retail asset in Middleway, Birmingham, for £8m, reflecting a net initial yield of 7.8%. Tenants are Dunelm and Currys, with a WAULT of two years and annual rent of £700,000.
LondonMetric was advised by Belfre Real Estate Advisory.
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