SECOND MUCKLOW OFFICE DISPOSAL

RNS Number : 5084Z

LondonMetric Property PLC

13 January 2020

 

13 January 2020

LONDONMETRIC PROPERTY PLC

SECOND MUCKLOW OFFICE DISPOSAL

LondonMetric Property Plc ("LondonMetric") announces that it has sold an office park in Worcester for £6.2 million, reflecting a NIY of 6.7%.

The 28,000 sq ft out of town office scheme was acquired through the Mucklow acquisition in June 2019 for an allocated purchase price of £5.9 million. It is fully let for a further seven years to various occupiers at a rent of £15.60 psf.

The disposal price is 4.3% above acquisition cost and 2.5% above book value. The remaining office portfolio now totals nine investments and is valued at c.£55 million.

Completion of the disposal is delayed until the end of March 2020.   

Andrew Jones, Chief Executive of LondonMetric, commented:

"This is our second office disposal from the Mucklow portfolio and we will continue to further sell down our non-core office investments."

FSP acted for LondonMetric and B2 Retail acted for the purchaser.

For further information, please contact:

LondonMetric Property Plc

Andrew Jones / Martin McGann / Gareth Price

Tel: [phone]

FTI Consulting

Dido Laurimore / Richard Gotla

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. 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. LondonMetric has 15 million sq ft under management.  

Further information is available at www.londonmetric.com

 

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