LONDONMETRIC SELLS £37 MILLION OF OFFICE ASSETS

LondonMetric Property PLC

04 June 2024

 

4 June 2024

LONDONMETRIC PROPERTY PLC

LONDONMETRIC SELLS £37 MILLION OF FORMER LXi OFFICE ASSETS

LondonMetric Property Plc ("LondonMetric" or "Company") announces that it has exchanged contracts to sell two offices in Scotland to a single buyer for £36.6 million, reflecting a blended NIY of 7.0%.

The sales are former LXi assets and comprise:

·      An 85,000 sq ft office in Dundee let to BT on a 17.5 year lease with CPI linked rent reviews; and

·      A 60,000 sq ft office in Glasgow let to STV Plc for a further 17 years with five yearly compounded fixed reviews of 1.5% pa;

Separately, LondonMetric has sold a former LXi care home in the West Midlands for £0.5 million.

LondonMetric has now sold £55.4 million of non-core LXi REIT assets at an average of 7% above prevailing book values.

Andrew Jones, Chief Executive of LondonMetric, commented:

"These are good, well-let assets. However, we continue to exit non-core sectors and geographies and reinvest in sectors where we have a competitive edge and which are enjoying a structural tailwind."

LondonMetric was advised by Lismore Real Estate Advisors.

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]

[e-mail]    

About LondonMetric Property Plc

LondonMetric is the UK's leading triple net lease REIT with a £6 billion portfolio aligned to structurally supported sectors of logistics, healthcare, convenience, entertainment and leisure. 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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