LondonMetric sells four long income and retail assets for £16.9m

11th Sep 2023 07:20

(Sharecast News) - LondonMetirc Property said on Monday that it has sold four long income and retail assets in separate transactions for £16.9m, in line with the book value.

The largest asset comprises a 27,000 sq ft Waitrose store in Malmesbury, which has been sold for £9.6m.

The remaining assets comprise 47,000 sq ft of high street retail in Sunningdale and Rayleigh which have been sold for £7.3m.

The three properties total 15 units, have a weighted average unexpired lease term of four years and were bought by LondonMetric as part of the CT Property acquisition in August 2023.

Chief executive Andrew Jones said: "Following completion of our CT Property acquisition last month, we have been proactively looking to dispose of select non-core assets.

"We are very pleased to have quickly transacted on several sales at prices above our allocated book values, with the proceeds enabling us to pay off all outstanding floating rate debt, leaving 100% of our drawn debt hedged. We expect to announce further sales shortly."