LondonMetric sells 3 warehouses for £24.3m

LondonMetric Property on Monday said it had sold three distribution warehouses for £24.3m to various buyers, reflecting a blended net initial yield of 5.4%. The sale price was 4% above book value.

Chief executive Andrew Jones said that while the sales would impact on short term earnings, “they are the right property decisions, which strengthen the remaining portfolio”.

"The market remains strong for real estate assets with structural support. Whilst we remain focused on growing our logistics portfolio, we have continued to monetise some of our shorter let assets, where we benefited from yield compression, but where we believe rental growth, in the weaker geographies, is less certain,” he said.