LondonMetric has netted £25m from the sale of four properties. The separate transactions, for a total of £34.2m, reflected a blended net initial yield of 4.1%.
The combined sale price is 35% above LondonMetric’s September book value.
The properties include a 32,000 sq ft grocery store in Ashford, Middlesex, which was sold by Metric Income Plus, LondonMetric’s joint venture with Universities Superannuation Scheme. A new 25-year lease was recently signed with Lidl.
It also sold a refurbished 34,000 sq ft store in Cardiff, recently relet to Sofology and Tapi, a pub in Greenwich let to Spirit Group, and a petrol station in Rushden, let to Euro Garages.
The properties generate a rent of £1.5m pa and have a WAULT of 18 years.
Chief executive Andrew Jones said: “We have seen significant interest from the investment market for our long-income assets, which has prompted us to dispose of these assets. Strong and long let assets have seen material yield compression over the last six months, and we will continue to respond to various approaches.”
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