LondonMetric sells two assets for £28.2m

(Sharecast News) - LondonMetric Property said it had sold two assets for a combined £28.2m reflecting a blended net net initial yield (NIY) of 4.6%.

The separate transactions are made up of a fully-let retail park in Tonbridge, Kent for £22m, reflecting a NIY of 5.25%, and a warehouse in Digbeth, Birmingham, for £6.2m.

LondonMetric said the sales were 1% below its March 31 book value and crystallise an ungeared internal rate of return of 14%. Proceeds will be used in the short term to pay down some of the company's revolving credit facility, it added.

Reporting by Frank Prenesti for Sharecast.com