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LondonMetric makes £22.2m of sales and acquires three-strong portfolio for £10.8m

LondonMetric Property has sold four retail properties from its long income portfolio for £22.2m and bought three convenience service stations for £10.8m.

The sales reflect a blended net initial yield of 4.6% and comprise two M&S food stores in Haslemere and Ferndown, a Matalan unit in Leicester and a Boots and Spar let property on the Isle of Man

The disposals crystallise a £4.1m profit on cost and deliver an ungeared internal rate of return (IRR) of 11% per annum since purchase. Combined, the sales will be 1.3% above March 2020 book value.

Separately, LondonMetric has acquired three BP/M&S convenience service stations in Brentwood, Pevensey and Lewes for £10.8m, reflecting a net initial yield of 4.7%, rising to 5.2% over five years. The portfolio is let to BP for another 16 years and generates a rent of £0.54m per annum, with fixed rental uplifts. The group said vacant possession value was materially above the purchase price. 

LMP : LondonMetric makes £22.2m of sales and acquires three-strong portfolio for £10.8m

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