LondonMetric sells facility in Northamptonshire

5th Aug 2015 09:24

(ShareCast News) - Property investment group LondonMetric Property has completed the sale of a distribution facility in Northamptonshire to an institutional investor for £29.2m.The property, located in Wellingborough, was acquired in 2009 for £19.6m and has delivered a 38% profit on cost, the FTSE 250 group said in a statement on Wednesday.The site, which covers an area of 341,000 square feet, is let for a further 12.3 years to Somerfield Stores Limited and sublet to Yusen Logistics.LondonMetric said the transaction will be complete at the end of October, adding that its distribution portfolio will comprise of 22 distribution centres worth a combined £633.4m."This asset has performed strongly over the last six years delivering a geared IRR of 24.2% per annum," said group chief executive Andrew Jones."We will now look to recycle the proceeds into further asset management and development opportunities across the logistics sector that better fit our return criteria."LondonMetric shares were up 0.05% to 164.08p at 0845 BST in Wednesday.