LondonMetric has sold an urban warehouse and a retail park for £28.2m.
The deals reflect a blended net initial yield of 4.6%.
Chief executive Andrew Jones said: “These are strong, opportunistic sales and demonstrate that, despite macro challenges, there is still liquidity for very well-located assets.”
Tonbridge Retail Park, a 61,000 sq ft site in Tonbridge, Kent, was sold for £22m, reflecting a NIY of 5.25%. It was bought for £11.5m in 2013.
The asset is fully let, with a WAULT of 11 years, to Marks & Spencer, Halfords, Food Warehouse, Home Bargains, Carpetright, Costa and Jollyes. During LondonMetric’s ownership, the rent has risen by 44% to £1.2m pa, with average rent increasing from £14.80 to £20.30 per sq ft.
The 30,000 sq ft of urban warehouse in Digbeth, Birmingham, was sold for £6.2m.
The sales are 1% below LondonMetric’s 31 March 2022 book value.
Proceeds will be used to pay down some of the company’s revolving credit facility.
LondonMetric was advised by Morgan Williams on the Tonbridge deal; the purchaser was advised by CBRE.
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