LondonMetric sells more retail assets

19th Oct 2015 07:30

(ShareCast News) - LondonMetric Property has offloaded more of its retail assets in deals worth a total of £32m.The FTSE 250 property company announced the sales on Monday, netting a total of £15m.It sold the DFS property in Enfield for £24.5m on behalf of its DFS joint venture, of which the company's share was £7.5m.The joint venture acquired the 32,000 sq ft property in March 2014 as part of a portfolio of 27 DFS stores from the administrators to Delphi Properties Limited, making a profit on cost of 19%.It also sold Watling Retail Park in Cannock for £7.5m to a UK institution.The 25,000 sq ft retail park was developed by the company in November 2012, and the disposal crystallises a profit on cost of 32%.Chief executive Andrew Jones said the company views the retail property sector opportunistically."[We] will recycle assets which have delivered on their business plans. Both of these assets have generated very strong returns for us and we will continue to capitalise on the high demand from institutions for strong, well-let real estate."