(Alliance News) - LondonMetric Property PLC on Thursday said it has sold five long income and urban assets for GBP42.8 million.
The London-based property investor said three of the assets have been sold individually for GBP25.3 million in total, with a weighted average unexpired lease term of 12 years.
This includes a 58,000 square foot long income asset in Durham let to Lidl Great Britain Ltd and The Range Ltd; a 28,000 square foot urban warehouse in Croydon let to HTC Corp; and a long income property located close to London Bridge. They have been sold for GBP14.1 million, GBP8.1 million, and GBP3.1 million, respectively.
The other two assets are urban warehousing estates that have been sold as a portfolio for GBP17.5 million with a WAULT of five years. This includes a 34,000 square foot in Croydon across 17 units; and 18,000 square foot in Oxford across eight units.
The combined sales are in line with the March 31 book value.
Chief Executive Officer Andrew Jones said: "We continue to see good liquidity for our assets at prices in line with current book values. These sales further reduce our floating rate debt which is now only GBP35 million and represents just 4% of total drawn debt. This will have a positive impact on our earnings as well as further reduce our loan to value."
Shares in LondonMetric were down 1.8% to 167.00 pence each in London on Thursday morning.
By Sophie Rose, Alliance News reporter
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LondonMetric (LMP)