Last checked at 
(Sharecast News) - LondonMetric Property said on Monday that it has sold five non-core office and retail assets for a combined £38.5m, its share of which is £28m.
Two retail assets in North Shields and Llanelli have been sold in separate transactions for a total of £21.1m, of which LondonMetric's share is £10.6m. The assets are held in the company's joint venture with Universities Superannuation Scheme and are fully let to retailers including B&Q, Pets at Home, B&M, Tapi and Carpetright.
These sales are at an 8% surplus to the last reported book value, it said.
In three further transactions, two offices and a retail unit in Birmingham have been sold for £17.4m. The assets, originally purchased as part of the Mucklow acquisition in 2019, are fully let to Beiersdorf, the Highways Agency and J&S Accessories. These disposals are at a 1% surplus to the last reported book value, with completion of the largest asset disposal delayed until September.
LondonMetric said it has now sold 12 former Mucklow assets totalling more than £60m, including nearly half of the Mucklow office portfolio, delivering a total annualised return of 10.6%.
Chief executive Andrew Jones said: "As part of our portfolio refinement, we continue to dispose of non-core and mature assets at attractive prices, allowing us to re-invest into opportunities with greater certainty of income and income growth."
26 Jan 2023 14:31
IN BRIEF: LondonMetric Property appoints Alistair Elliott as chair
LondonMetric Property PLC - London-based property investor - Appoints Non-Executive Director Alistair Elliott as chair from July 11, replacing Patrick Vaughan. Company refers to an annual general meeting held in July 2022, when 79% of shares cast their vote in favour of re-electing Patrick Vaughan to the board of directors. LondonMetric Property says shareholders noted that female representation fell below 33% at the 2022 annual general meeting, and that Vaughan's tenure as chair had lasted over nine years. The company confirms that at the next annual general meeting, female representation on the board will increase to 33% from currently 30%. "LondonMetric confirms that it is in advanced stages of recruiting a female non-executive director and expects to announce an appointment over the next two months," the firm says.
Read more