LondonMetric Property has announces that it has sold its PC World property in Hove to clients of Aberdeen Asset Management PLC for £13.6m, reflecting a net initial yield of 5.4%. LondonMetric acquired the asset for £8.1m and recently signed a new 15 year lease (with a break at 10 years) with PC World at a new rent of £0.8 million pa (£27.50 psf) on an extended 28,000 sq ft store. Work on the 9,000 sq ft extension will commence shortly. The sale is expected to complete in January 2016 and crystallises a geared IRR of 17% and profit on cost of 33%.
LondonMetric Property sells PC World in Hove for £13.6m : LMP