LondonMetric sells £27m of shops and offices

LondonMetric Property has sold five assets for a combined £26.7m, reflecting a 6% profit over their 31 March 2024 book values. The sites include a newly developed 51,000 sq ft convenience-led retail asset in Weymouth sold for £14.3m; a 19,000 sq ft office in High Wycombe, acquired when LondonMetric bought CT Property Trust, sold for £3.9m; and a 15,000 sq ft office in Halesowen and adjacent land sold for a combined £3.2m, both acquired when LondonMetric bought A&J Mucklow. Also offloaded were an 11,000 sq ft drive-thru site in Birstall for £4.1m and a 1,400 sq ft high street shop in Kingston, formerly owned by CTPT, for £1.2m. Chief executive Andrew Jones said: “These sales represent our exit from further non-core and lower-growth assets where we have completed on our business plans. Since the end of March, we have now sold almost £100m and expect to exchange on further sales shortly. “As we continually upgrade our portfolio, the sales proceeds will be reinvested into higher quality assets, which offer superior rental growth potential.”