LondonMetric Property has sold five UK warehouses in two transactions for 拢34.8m (鈧�39.5m).
The UK-listed logistics investor said it has agreed to sell a portfolio of four distribution warehouses comprising an 82,000sqft asset in Coventry, a 42,000sqft asset in Warrington, a 37,000sqft warehouse in Golden Cross, Birmingham and a 37,000sqft asset in Redfern, Birmingham for 拢25.5m.
The FTSE 250 real estate investment trust has also sold a 91,000sqft unit in Coventry for 拢9.3m in a separate deal.
LondonMetric said the total proceeds from the disposals reflect a net initial yield of 5% and a 4% discount to the 30 September 2022 book value. The sales crystallise an ungeared internal rate of return of 11% and a 28% profit on cost, LondonMetric added.
Andrew Jones, CEO of LondonMetric, said: 鈥淭hese assets have performed well since acquisition and support our early macro call into urban logistics.
鈥淥ur disposals over the last 12 months now total 拢250m and we will continue to seek out new urban and regional warehouse opportunities where we can leverage our asset management capabilities.鈥�
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