(Alliance News) - LondonMetric Property PLC on Thursday announced it has sold a portfolio of six long-income assets to Realty Income for GBP40.9 million.
The FTSE 250-listed real estate investment trust focused on urban logistics said the assets have a blended net initial yield of 5.9%.
The assets include a retail site in Leicester let to B&Q Ltd, Home Bargains and Smyth Toys Superstores that generates an annual rent of GBP1.8 million, and a Wickes store in Halesowen, West Midlands, bought as part of the Mucklow acquisition. The remaining assets are an Aldi supermarket in Hull and three KwikFit service stations that were acquired through a larger portfolio acquisition.
"These are all very well let assets that have delivered strong performances and their disposal crystallises an attractive surplus to our original purchase prices. The transaction is in line with our strategy of allocating further capital into the logistics and convenience grocery sectors," said Chief Executive Andrew Jones.
Shares in LondonMetric were up 0.9% at 212.99 pence in London on Thursday.
By Zoe Wickens; zoewickens@alliancenews.com
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