LondonMetric has sold five warehouses in two transactions for £34.8m.
The sales reflect a net initial yield of 5% and a 4% discount to its September 2022 book value.
Four of the assets have been sold as a portfolio for £25.5m. The properties have a WAULT of four years and comprise: 82,000 sq ft in Coventry; 42,000 sq ft in Warrington; 37,000 sq ft in Golden Cross, Birmingham; and 37,000 sq ft in Redfern, Birmingham.
In a separate transaction, LondonMetric sold a 91,000 sq ft unit in Coventry for £9.3m. The property is let for a further nine years and is held on a long leasehold interest with 87 years unexpired.
The sales crystallise an ungeared IRR of 11% and a 28% profit on cost.
Chief executive Andrew Jones said: “These assets have performed well since acquisition and support our early macro call into urban logistics.”
The sales bring the total sold by the REIT over the last 12 months to £250m.
Jones added: “We will continue to seek out new urban and regional warehouse opportunities where we can leverage our asset management capabilities.”
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