REG - LondonMetric - SALE OF £17M OF LONG INCOME AND RETAIL ASSETS

Londonmetric PropertyAnnouncement

11/09/2023 07:00

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RNS Number : 9321L  LondonMetric Property PLC  11 September 2023

11 September 2023

 

LONDONMETRIC PROPERTY PLC

LONDONMETRIC SELLS £17 MILLION OF LONG INCOME AND RETAIL ASSETS

 

LondonMetric Property Plc ("LondonMetric") announces the sale, in separate
transactions, of four long income and retail assets, for £16.9 million. The
combined price is in line with book value.

 

The largest asset comprises a 27,000 sq ft Waitrose store in Malmesbury which
has been sold for £9.6 million, reflecting a NIY of 4.66%. Acquired from
Waitrose as part of a sale & leaseback portfolio of five stores in June
2020, the WAULT is 17 years (12 years to break).

 

The remaining assets comprise 47,000 sq ft of high street retail in
Sunningdale and Rayleigh which have been sold for £7.3 million, reflecting a
NIY of 8.62%. The three properties total 15 units and have a WAULT of four
years and were acquired by LondonMetric as part of the CT Property acquisition
in August 2023.

 

Andrew Jones, Chief Executive of LondonMetric, commented:

"Following completion of our CT Property acquisition last month, we have been
proactively looking to dispose of select non-core assets. We are very pleased
to have quickly transacted on several sales at prices above our allocated book
values, with the proceeds enabling us to pay off all outstanding floating rate
debt, leaving 100% of our drawn debt hedged. We expect to announce further
sales shortly."

 

For further information, please contact:

 

LondonMetric Property Plc

Andrew Jones / Martin McGann / Gareth Price

Tel: +44 (0) 20 7484 9000

 

FTI Consulting

Dido Laurimore / Richard Gotla / Andrew Davis

Tel: +44 (0) 20 3727 1000

 

About LondonMetric Property Plc

LondonMetric is a FTSE 250 REIT that owns one of the UK's leading listed
logistics platforms alongside a diversified long income portfolio, with 18
million sq ft under management. It owns and manages desirable real estate that
meets occupiers' demands, delivers reliable, repetitive and growing income-led
returns and outperforms over the long term.

 

Further information is available at www.londonmetric.com
(http://www.londonmetric.com)

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