LondonMetric Property has sold seven long-income assets for £33.9m – a 4.5% net initial yield.
The assets, which generate rent of £1.4m per annum, are fully let with a WAULT of 14 years and comprise:
- 19,000 sq ft Aldi store in Weymouth, Dorset, sold for £6.8m
- 53,000 sq ft urban warehouse let to Restore Scan in Salford, Greater Manchester, sold for £6.6m
- 42,000 sq ft self storage unit in Oldbury, West Midlands, sold for £5.7m
- 16,000 sq ft Premier Inn in Ringwood, Hampshire, sold for £8.6m
- 22,000 sq ft trade unit let to Jewson in Littlehampton, West Sussex, sold for £4m
- Two IMO car washes sold for £2.2m.
LondonMetric has also completed its sale of a new M&S Foodhall in Derby for £6.2m. Exchange of contracts was announced in 2021.
The assets have been sold at an average discount of 4.7% to 30 September 2022 book value.
LondonMetric chief executive Andrew Jones said: “With the investment market strengthening over the past few months, we have taken advantage of this improved liquidity to opportunistically sell down some of our more mature long-income assets.
“These sales crystalise strong returns and have been transacted at attractive yields and narrow discounts to book values.”
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