18 November 2024
LONDONMETRIC PROPERTY
PLC
LONDONMETRIC CONTINUES
CAPITAL REYCLING
SELLING £58 MILLION OF NON
CORE ASSETS
AND ACQUIRING A RETAIL PARK
FOR £10 MILLION
LondonMetric Property Plc
("LondonMetric") announces that it has sold 24 properties across
various non core sectors for a total consideration of £57.9
million, reflecting a 6% profit over prevailing book values. The
sales include 22 LXi properties and comprise:
· A 73,000 sq ft
large format Asda foodstore in Halesowen, sold for £28.0
million;
· A leisure asset
in Hamilton, sold for £9.0 million;
· Five pubs across
various locations, sold for a total consideration of £8.2
million;
· 12 assisted
living assets, sold for £6.7 million, marking our exit from the
assisted living sector;
· Three Travelodge
hotels in Perth, Carlisle and Stonehouse, sold for £4.0 million;
and
· A small
development site in London and a Boots retail unit in Bangor, sold
for £2.0 million.
Since 31 March 2024, LondonMetric
has sold 52 assets for £209 million, reflecting a NIY of
7.6%.
Separately, LondonMetric has
acquired a retail park on the outskirts of Basildon for £10.0
million, reflecting a NIY of 6.7% rising to 7.3% following upcoming
rent reviews. The property is located adjacent to the A13, next to
an Aldi store and includes two drive thrus. It is let to Pets at
Home, Poundland, Farmfoods, McDonald's and KFC with a WAULT of five
years and offers significant value enhancement opportunities.
Andrew Jones, Chief Executive of LondonMetric,
commented:
"These are a series of excellent
disposals reflecting our strategy of exiting assets and sectors
that are incompatible with the listed REIT sector. We are
redeploying the proceeds into winning sectors and higher quality
assets that will provide better income reliability, predictability
and trajectory."
For
further information, please contact:
LondonMetric
Property Plc
Andrew Jones / Martin McGann / Gareth
Price
Tel: +44 (0) 20 7484 9000
FTI
Consulting
Dido Laurimore / Richard Gotla / Andrew
Davis
Tel: +44 (0) 20 3727 1000
londonmetric@fticonsulting.com
About
LondonMetric Property Plc
LondonMetric is the UK's leading triple net
lease REIT with a £6 billion portfolio aligned to structurally
supported sectors of logistics, healthcare, convenience,
entertainment and leisure. It owns and manages desirable real
estate that meets occupiers' demands, delivers reliable, repetitive
and growing income-led returns and outperforms over the long
term.
Further information is available at
www.londonmetric.com