LondonMetric sells four assets for £25.6m

LondonMetric Property said on Tuesday that it has sold four assets in two separate transactions, for £25.6m, reflecting a blended net initial yield of 5.3%.

The properties have a weighted average unexpired lease term of five years. They comprise a portfolio of three multi-let industrial assets located in Halesowen and Aston, Birmingham, and a roadside asset in Stamford Hill, London.

The assets generate a rent of £1.5m a year and the transactions are subject to delayed completions, which will generate £0.3m of additional income to LondonMetric.

Chief executive Andrew Jones said: "We have continued to react to market interest for our assets and, despite the current macro uncertainty, have achieved strong sales that crystalise attractive returns. This activity continues to ensure that our portfolio remains modern, fit for purpose and positioned to outperform."