£10.2M LIVERPOOL GROCERY ASSET SALE

RNS Number : 5968K

LondonMetric Property PLC

03 September 2021

 

3 September 2021

LONDONMETRIC PROPERTY PLC

LONDONMETRIC SELLS A GROCERY ASSET IN LIVERPOOL FOR £10.2 MILLION

LondonMetric Property Plc ("LondonMetric") announces that it has sold a grocery asset in Liverpool for £10.2 million, reflecting a NIY of 4.65%.

The 29,000 sq ft asset was acquired in 2014 for £8.1 million and is let to M&S and Aldi. It generates a rent of £0.5 million p.a. and has a WAULT of 12.6 years.

The sale price is line with the 31 March 2021 book value and crystallises a 26% profit on cost and an ungeared IRR of 9%.

Andrew Jones, Chief Executive of LondonMetric, commented:

"This asset was one of our first grocery acquisitions and has delivered a strong return. The sale demonstrates the strength of demand for long let income, particularly smaller format grocery."

LondonMetric was advised by Fawcett Mead. The purchaser was advised by Morgan Williams.

For further information, please contact:

LondonMetric Property Plc

Andrew Jones / Martin McGann / Gareth Price

Tel: [phone]

FTI Consulting

Dido Laurimore / Richard Gotla / Andrew Davis

Tel: [phone] 

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 16 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

 

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