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LondonMetric Property Sells £22m of Retail Assets

An established FTSE 250 REIT, LondonMetric Property Plc, has today announced the sale of four retail properties for a total of £22.2 million.

With a portfolio of over £2.2 billion, LondonMetric is one of the UK’s leading names in commercial property, managing 16 million sq ft of real estate.

LondonMetric’s sales included two M&S Food STORES to a local authority for £14.68m in Haslemere and Ferndown, a stand-alone Matalan unit in Leicester to private investors for £3.4 million and lastly, a property occupied by Boots and SPAR on the Isle of Man for £4.1m.

Separately, LondonMetric also acquired three BP and M&S convenience service stations in Brentwood, Pevensey and Lewes, for £10.8 million. The portfolio is let to BP for another 16 years and generates a rent of £0.54 million p.a.

Commenting on the transactions, Andrew Jones, Chief Executive of LondonMetric, commented:
“In a zero interest rate environment, well-let real estate continues to be in demand, and so we have reacted to attractive offers to monetise select assets, including further non-core properties acquired through the Mucklow deal.

“These are all good sales which, together with our latest acquisition of three quality assets let to BP, improves our income granularity, lease lengths and credit whilst providing better certainty of income growth and geographical focus.”

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