LondonMetric Property as sold four offices and two long income assets in separate transactions, for a total of £24.5m.
Four non-core assets have been sold from the recently acquired CT Property Trust (CTPT) portfolio for £15.3m, comprising three regional offices and a car showroom in Newbury. The buildings have a WAULT of six years and their sales follow on from last month’s disposal of three high street retail assets from the CTPT portfolio.
Since completing the CTPT acquisition in August, LondonMetric says that it has sold 8% of the portfolio by value at prices comfortably ahead of our underwrite values.
LondonMetric has also sold an office investment in Worcester for £3.2m, which was acquired as part of the A&J Mucklow takeover in 2019, and a convenience food investment in Leicester for £6.0m (having received an off-market approach), reflecting a topped up NIY of 5.3%. The property was acquired in 2016 for £4.6m and is let to Aldi for a further 13 years (eight years to first break).
The six assets have been sold at 1% above book value as at 31 March 2023. Following these disposals, £154m of assets have now been sold this financial year.
Andrew Jones, chief executive of LondonMetric, said: “Despite elevated debt costs, we are seeing good liquidity for smaller lot sizes across all sectors of the investment market. Since completion of the CTPT acquisition in August, we have now sold seven of the 33 assets acquired representing c.8% of the portfolio by value, at prices comfortably ahead of our underwrite values.”
LMP : LondonMetric offloads £24.5m of assets