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LondonMetric Property has exchanged contracts to sell a WH Smith distribution warehouse in Birmingham to a UK institution.

The investment volume of 拢18 mln (鈧�25 mln) reflects a new initial yield of 5.2%.

LondonMetric had acquired the 19,500 m2 property in 2013 for 拢10.1 mln with 11 years remaining on the lease. Simultaneous with purchase, LondonMetric re-geared the lease on a new 21 year term at a yield on cost of 7.5%.

The disposal generates a geared IRR of over 40%.

Andrew Jones, CEO of LondonMetric, commented: 'The current property market remains strong for well let real estate assets and so we have monetised this investment after concluding a successful asset management initiative. This asset has delivered strong returns and we will take the opportunity to recycle the proceeds into more accretive distribution and development opportunities.鈥�

LondonMetric was advised by CBRE and JLL acted for the purchaser.