LondonMetric Property PLC said on Monday it has sold four assets in England and Wales for £34.2 million, reflecting a blended net initial yield of 4.1%.

The London-based property investor said the combined sale price is 35% above the company’s September 30 2021 book value, representing 125 basis points of yield compression.

The four properties include a grocery based in Ashford, Middlesex; a retail asset in Cardiff, Wales; a pub in Greenwich, London let to Spirit Group; and a petrol filling station and convenience store in Rushden.

The properties produce a rent of £1.5 million per year.

Chief Executive Andrew Jones LondonMetric said: ‘We have seen significant interest from the investment market for our long income assets, which has prompted us to dispose of these assets. Strong and long let assets have seen material yield compression over the last six months, and we will continue to respond to various approaches.’

Last month, LondonMetric bought six urban logistics warehouses in London in separate transactions, for £26.7 million in total.

LondonMetric shares were up 1.4% at 247.40 pence each on Monday morning in London.

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