LondonMetric Property has sold five retail and office assets for a total of £38.5m.
Three of the assets form part of the Mucklow portfolio, a business bought by LondonMetric for £415m in 2019. The two offices and retail unit in Birmingham have been sold for £17.4m and are fully let to Beiersdorf, the Highways Agency and J&S Accessories, with a unexpired lease term of six years. The disposals have been agreed at a 1% surplus to the last reported book value.
LondonMetric has now sold 12 former Mucklow assets totalling more £60m, including nearly half of the Mucklow office portfolio. The sales have delivered a total annualised return of 10.6%.
The firm has also sold two retail assets in North Shields and Llanelli in separate transactions for a total consideration of £21.1m. The properties are held in LondonMetric’s joint venture with Universities Superannuation Scheme and are fully let to retailers including B&Q, Pets at Home, B&M, Tapi and Carpetright, with a WAULT of six years. They have been sold at an 8% surplus to the last reported book value.
Chief executive Andrew Jones said: “As part of our portfolio refinement, we continue to dispose of non-core and mature assets at attractive prices, allowing us to reinvest into opportunities with greater certainty of income and income growth.”
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