LondonMetric has sold £17m of assets after buying CT Property last month.
In a clear out of non-core assets, the REIT disposed of a 27,000 sq ft Waitrose store in Malmesbury, Wiltshire, which sold for £9.6m at a 4.66% net initial yield.
The store was bought from Waitrose as part of a sale-and-leaseback portfolio of five stores in June 2020.
The remaining assets comprise 47,000 sq ft of high street retail in Sunningdale in Berkshire and Rayleigh in Essex, which have been sold for £7.3m, reflecting a NIY of 8.62%.
The three properties total 15 units and have a WAULT of four years and were acquired by LondonMetric as part of the CT Property acquisition in August.
Chief executive Andrew Jones said: “Following completion of our CT Property acquisition last month, we have been proactively looking to dispose of select non-core assets. We are very pleased to have quickly transacted on several sales at prices above our allocated book values, with the proceeds enabling us to pay off all outstanding floating rate debt, leaving 100% of our drawn debt hedged. We expect to announce further sales shortly.”
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
