LondonMetric Property PLC - London-based property investor - Sells distribution warehouse in Reading, England to Philadelphia, Pennsylvania-based real estate investor EQT Exeter for GBP60.6 million. Expects completion of the transaction in November. The 229,000 square feet warehouse is let to DHL, which is part of Deutsche Post AG. Notes that it acquired the property in 2015 with 10 years on a lease for GBP29.1 million, reflecting a net initial yield of 5.7%.
"This is a very good asset that has performed strongly, which was reflected in the quality and depth of demand we had from potential buyers. We will look to redeploy the proceeds into urban logistics assets around London and net lease income properties, which remain our strongest conviction calls," Chief Executive Andrew Jones comments.
Current stock price: 241.80 pence
12-month change: up 7.4%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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LondonMetric (LMP)