LondonMetric sells off £62m in non-core assets

(Sharecast News) - LondonMetric Property said it had sold £61.8m of non-core and mature assets in separate transactions at a blended net interest yield of 6.1%. The assets sold were previously acquired through corporate acquisitions and comprise:

· A multi-storey car park in Yorkshire let to Q-Parks and four pubs let to Stonegate, sold for £21.7m

· A multi-let industrial estate in Crawley for £21.4m

· Two retail assets let to Lidl and Wickes for £10.1m and a logistics unit in Southampton, sold to an occupier for £8.6m.

The sales are in line with prevailing book values and are 10% above their allocated price at the time of purchase. LondonMetric has now sold 54 former LXi REIT assets for £202m.

"We continue to execute on our strategy of selling down non-core and mature assets with a further series of excellent disposals. The proceeds from the sales will be re-invested into sectors and assets that offer better income reliability and growth," said chief executive Andrew Jones.

Reporting by Frank Prenesti for Sharecast.com