LondonMetric sells two assets for £28.2m
LondonMetric Property
203.20p
16:59 28/03/24
1.70%
3.40p
LondonMetric Property said it had sold two assets for a combined £28.2m reflecting a blended net net initial yield (NIY) of 4.6%.
FTSE 250
19,884.73
17:14 28/03/24
n/a
n/a
FTSE 350
4,383.21
17:14 28/03/24
n/a
n/a
FTSE All-Share
4,338.05
16:50 28/03/24
n/a
n/a
Real Estate Investment Trusts
2,325.80
17:14 28/03/24
0.99%
22.90
The separate transactions are made up of a fully-let retail park in Tonbridge, Kent for £22m, reflecting a NIY of 5.25%, and a warehouse in Digbeth, Birmingham, for £6.2m.
LondonMetric said the sales were 1% below its March 31 book value and crystallise an ungeared internal rate of return of 14%. Proceeds will be used in the short term to pay down some of the company's revolving credit facility, it added.
Reporting by Frank Prenesti for Sharecast.com