LondonMetric has sold a second asset from its Mucklow portfolio for £6.2m.
The sale price for the 28,000 sq ft office park in Worcester reflects a net initial yield of 6.7%.
The disposal price is 4.3% above acquisition cost (£5.9m) and 2.5% above book value. It is fully let for a further seven years to various occupiers at a rent of £15.60 per sq ft.
LondonMetric bought Mucklow, a Midlands-focused urban logistics REIT, for £414.7m in May last year.
The remaining Mucklow office portfolio contains nine assets and is valued at around £55m.
Andrew Jones, chief executive of LondonMetric, said: “This is our second office disposal from the Mucklow portfolio and we will continue to further sell down our non-core office investments.”
FSP acted for LondonMetric.
To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette
