Source - Alliance News

LondonMetric Property PLC on Thursday announced the sale of five retail and office properties across England in separate transactions.

The London-based real estate investor, which recently merged with LXi REIT PLC and CT Property Trust Ltd, said the sales in total amounted to £26.7 million, reflecting a 6% profit over valuations from March 31.

A 51,000 square foot convenience-led retail asset in Weymouth sold for £14.3 million, alongside a 1,400 sq ft retail unit in Kingston that sold for £1.2 million.

The company disposed of a 19,000 sq ft office asset in High Wycombe for £3.9million, whilst another 15,000 sq ft office asset and its adjacent land in Halesowen sold for a combined £3.2 million.

Lastly, LondonMetric received £4.1 million for a 11,000 sq ft drive-through site in Birstall.

Chief Executive Andrew Jones said: ‘These sales represent our exit from further non-core and lower growth assets where we have completed on our business plans. Since the end of March, we have now sold almost £100 million and expect to exchange on further sales shortly.’

Proceeds will be reinvested into higher-quality assets, with the company shifting its focus earlier this year towards sectors with greater price stability including logistics, convenience, healthcare and entertainment.

LondonMetric shares were up 0.2% to 196.80 pence each in London on Thursday morning.

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