LONDONMETRIC PROPERTY PLC
LONDONMETRIC SELLS £27 MILLION OF RETAIL AND OFFICE ASSETS
LondonMetric Property Plc (“LondonMetric” or “Company”) announces that it has sold five properties, in separate transactions, for £26.7 million, reflecting a 6% profit over 31 March 2024 book values.
The retail and office sales comprise:
· A 51,000 sq ft convenience-led retail asset in Weymouth for £14.3 million, with a WAULT to first break of 12 years (recently developed by LondonMetric);
· A 19,000 sq ft office in High Wycombe for £3.9 million, with a WAULT to first break of three years (former CTPT asset);
· A 15,000 sq ft office in Halesowen and adjacent land for a combined £3.2 million, with a WAULT to first break of four years (former Mucklow asset);
· An 11,000 sq ft drive-thru site in Birstall for £4.1 million; and
· A 1,400 sq ft high street retail unit in Kingston for £1.2 million (former CTPT asset).
Andrew Jones, Chief Executive of LondonMetric, commented:
“These sales represent our exit from further non-core and lower growth assets where we have completed on our business plans. Since the end of March, we have now sold almost £100 million and expect to exchange on further sales shortly.“
“As we continually upgrade our portfolio, the sales proceeds will be reinvested into higher quality assets, which offer superior rental growth potential.“