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LondonMetric sells Marlow office for £68.5m

27 June 2017 07:41

LondonMetric Property has exchanged on the sale of its last remaining office asset in Marlow to Kildare Partners for £68.5m.

LondonMetric said the 231,000 sq ft office property was 96.7% let off a WAULT of 7.0 years to Allergan, Dun & Bradstreet, Lexington Catering, Icon Clinical and Aptos and the rental income was £4.9 million pa.

The property was acquired in 2012 for £50.2 million, reflecting a NIY of 8.9%.

LondonMetric said that since acquisition, it had undertaken eight occupier transactions increasing the rent by 8%.

It said the asset had generated an ungeared IRR of 9.6% pa since purchase.

Story provided by StockMarketWire.com

Related Company: LMP

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