16 February 2022
LONDONMETRIC PROPERTY PLC
LONDONMETRIC DISPOSES OF A NON CORE CAR SHOWROOM FOR £15M AND
aCQUIRES A SHORT LET NNN retail ASSET for £8 million
LondonMetric Property Plc ("LondonMetric") has disposed of a car showroom investment in Solihull for £15.0 million, reflecting a NIY of 4.75%.
The 52,000 sq ft asset was acquired as part of the Savills IM Fund acquisition in December 2021. It is let to Johnsons Cars operating as Volkswagen for a further 17 years and generates £0.8 million p.a. of rent (£15.00 psf).
Completion of the sale has been delayed to the end of April which will result in an additional £0.2 million of rent.
Separately, LondonMetric has acquired a 40,000 sq ft NNN retail asset in Middleway, Birmingham for £8.0 million, reflecting a NIY of 7.8%. The prominently located property is let to Dunelm and Currys with a WAULT of two years and generates £0.7 million p.a. of rent (£15.00 psf, excluding ancillary income).
Andrew Jones, Chief Executive of LondonMetric, commented:
"We identified the Solihull property as a non-core asset at the time of purchase. We have taken advantage of the strong appetite for long let income to swiftly dispose of the property at a premium.
"The proceeds of the sale have been reinvested into a better located property offering a significantly higher yield with material asset management potential."
LondonMetric was advised by Belfre Real Estate Advisory.
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann / Gareth Price
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Richard Gotla / Andrew Davis
Tel: +44 (0)20 3727 1000
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, with 16 million sq ft under management. 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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