LondonMetric Property has sold £61.8m of non-core and mature assets across several off-market deals, at a blended net initial yield of 6.1%.
The disposals span a range of sectors and comprise assets taken on via corporate acquisitions. Amongst the deals, a multi-storey car park in Yorkshire and four pubs let to Stonegate were sold for £21.7m at a 7.7% blended NIY.
Other sales include a multi-let industrial estate in Crawley (£21.4m, NIY 5.05%), retail assets let to Lidl and Wickes (£10.1m, NIY 5.8%), and a logistics unit in Southampton sold to its occupier for £8.6m at a 4.8% NIY.
The disposals were in line with book values and delivered a 10% uplift on their allocated purchase prices. They bring total sales of former LXi assets to £202m across 54 transactions.
Andrew Jones (pictured), chief executive of LondonMetric, said: “We continue to execute on our strategy of selling down non core and mature assets with a further series of excellent disposals. The proceeds from the sales will be reinvested into sectors and assets that offer better income reliability and growth.”
Image © LondonMetric
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