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LondonMetric Property Sells Four Assets In Total Value Of £34.2 Mln

LondonMetric Property Plc (LMP.L) Monday said it has sold four assets in separate transactions for 34.2 million pounds total. In the deal, LondonMetric share is 25.2 million pounds.

The combined sale price is 35% above LondonMetric's September 30, 2021 book value, representing 125 basis points of yield compression.

The assets comprise a 32,000 sq ft grocery store in Ashford, Middlesex, which has been sold by Metric Income Plus Limited Partnership, LondonMetric's joint venture with Universities Superannuation Scheme Ltd.

The deals also include a significantly refurbished 34,000 sq ft NNN Retail asset in Cardiff recently re-let to Sofology and Tapi with a WAULT of 8 years; a pub in Greenwich let to Spirit Group for a further 22 years that was previously acquired as part of the Savills IM portfolio acquisition in December 2021; and a petrol filling station and convenience store in Rushden let to Euro Garages with a WAULT of 30 years.

The properties generate a rent of 1.5 million pounds p.a. and have a WAULT of 18 years. In the rent, LondonMetric share is 1.2 million pounds. The sales crystallise a blended ungeared IRR of 25%.

Andrew Jones, Chief Executive of LondonMetric, said, "We have seen significant interest from the investment market for our long income assets, which has prompted us to dispose of these assets. Strong and long let assets have seen material yield compression over the last six months, and we will continue to respond to various approaches."

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