LondonMetric Property PLC sells three retail assets and two offices for a total
“We continue to dispose of non-core and mature assets at attractive prices,” said Andrew Jones, chief executive of LondonMetric
() said it sold three retail assets and two offices for a total £38.5mln, with its share of the disposals amounting to £28.0mln.
Two assets in North Shields and Llanelli – which are fully let to retailers including B&Q, Pets at Home, B&M, Tapi and Carpetright – were sold for a total of £21.1mln. LondonMetric received £10.6mln.
In three further transactions, two offices and a retail unit in Birmingham were sold for £17.4mln. The assets were originally purchased as part of the Mucklow acquisition in 2019. These disposals are at a 1% surplus to the last reported book value, with completion of the largest asset disposal delayed until September, LondonMetric said.
It has now sold 12 former Mucklow assets totalling over £60mln.
“As part of our portfolio refinement, we continue to dispose of non-core and mature assets at attractive prices, allowing us to re-invest into opportunities with greater certainty of income and income growth,” said Andrew Jones, chief executive of LondonMetric.
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