LondonMetric transacts on £91m of investment activity
Property investment firm LondonMetric Property Plc has sold off a further £64.4m of retail assets, taking disposals over the year-to-date to over £280m.
The company said it decided to monetise two mature out-of-town assets - the Cantium retail park in South East London and a new M&S store in Weymouth - where it has completed its business plans.
The 71,000 sq ft Cantium retail park, which LMP bought in 2022 or £38m, was sold for £48.5m. The location has been let mainly to B&Q, Pets at Home and Tapi, with annual rents increasing over the ownership period from £1.4m to £2.5m.
Meanwhile, the 40,000 sq ft M&S store, which is set to be completed next March, was sold for £15.9m, and represents LMP's total exit from the three phased 110,000 sq ft development.
Both disposals were in line with book values, LMP said.
Separately, LMP also acquired two warehouses let to Booker for £26.2m, in Doncaster and Southend-on-Sea, generating a combined £1.9m of annual rent.
"Following strong approaches for high quality long income product, we have decided to monetise two mature assets where we have completed on our business plan," said chief executive Andrew Jones.
"Some of the sale proceeds have already been deployed into NNN assets at yields c.200bps higher and we expect to announce further accretive NNN acquisitions shortly."
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