LondonMetric Property plc sells off distribution warehouses

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Daniel Face

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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.”

Daniel Face

Born and raised in Berkshire, Dan fell into journalism after completing his bachelor’s degree in English at UCL. Writing for The Business Magazine and local Biz News sites has given him the opportunity to chat with all manner of small business owners and share their success stories with a wider audience. Outside of work, Dan enjoys live music, board games and quiz shows, and is making a slow but persistent effort to learn Spanish.