LondonMetric Property plc sells off distribution warehouses
LondonMetric Property plc has announced the sale of five distribution warehouses over two transactions for a combined total of £34.8 million.
This reflects a net initial yield of 5 per cent, and a 4 per cent discount to its book value from 30 September 2022. Overall, LondonMetric reported a 28 per cent profit on cost.
Four units were sold as part of a £25.5 million portfolio, while another 91,000 square foot unit in Coventry went for £9.3 million, to be let for a further nine years.
Andrew Jones, Chief Executive of LondonMetric, said: “These assets have performed well since acquisition and support our early macro call into urban logistics.
“Our disposals over the last 12 months now total £250 million and we will continue to seek out new urban and regional warehouse opportunities where we can leverage our asset management capabilities.”
Read more - Construction begins on £11m Surrey welfare centre for Army recruits
