LondonMetric disposes of five properties for £26.7m

11th Jul 2024 08:07

(Sharecast News) - Real estate investment trust LondonMetric Property has disposed of five properties for a combined total of £26.7m.

LondonMetric said on Thursday that it has sold a 51,000 square-foot convenience-led asset in Weymouth for £14.3m, a 19,000 square-foot office in High Wycombe for £3.9m, a 15,000 square-foot office in Halesowen for £3.2m, an 11,000 square-foot drive-thru site in Birstall for £4.1m, and a 1,400 square-foot high street retail unit in Kingston for £1.2m.

The FTSE 100-listed group stated the total sale amount reflected a 6% profit over 31 March book values.

Chief executive Andrew James 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 £100.0m and expect to exchange on further sales shortly.

"As we continually upgrade our portfolio, the sales proceeds will be reinvested into higher quality assets, which offer superior rental growth potential."

As of 0805 BST, LondonMetric shares were up 0.41% at 197.20p.

Reporting by Iain Gilbert at Sharecast.com