DISPOSAL OF TWO DFS RETAIL STORES FOR £14 MILLION

RNS Number : 0122U

LondonMetric Property PLC

19 October 2017

 

19 October 2017

LONDONMETRIC PROPERTY PLC

Disposal of two DFS retail stores for £14 million

LondonMetric Property Plc ("LondonMetric") announces that it has sold a further two DFS retail properties in Swindon and Swansea for £13.9 million on behalf of the Company's DFS Joint Venture.

The two properties formed part of a portfolio of 27 DFS assets acquired in 2014 for £175 million at a NIY of 9.3%. The sales reflect a blended NIY of 7.5% and are in excess of book value. 

The Joint Venture has now sold a total of 17 stores for a total receipt of £114.6 million. It has delivered an IRR to its Partners of 23% pa and a profit of over £50 million.

Atlantic Leaf Properties Limited has recently acquired a 45.0% interest in the Joint Venture from LVS II Lux X S.A.R.L.. LondonMetric has increased its equity to 45.0%.

For further information, please contact:

LondonMetric Property Plc

Andrew Jones / Martin McGann

Tel: [phone]

FTI Consulting

Dido Laurimore / Tom Gough / Richard Gotla

Tel: [phone]          

About LondonMetric Property Plc

LondonMetric is a FTSE 250 REIT (ticker: LMP) that specialises in distribution, convenience and  long income property with a focus on strong and growing income, and adding value through asset management initiatives and short cycle developments. LondonMetric has 12 million sq ft under management. Further information is available at www.londonmetric.com

 

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