Last checked at 19 Oct 2017 07:00
19 October 2017
LONDONMETRIC PROPERTY PLC
Disposal of two DFS retail stores for £14 million
LondonMetric Property Plc ("LondonMetric") announces that it has sold a further two DFS retail properties in Swindon and Swansea for £13.9 million on behalf of the Company's DFS Joint Venture.
The two properties formed part of a portfolio of 27 DFS assets acquired in 2014 for £175 million at a NIY of 9.3%. The sales reflect a blended NIY of 7.5% and are in excess of book value.
The Joint Venture has now sold a total of 17 stores for a total receipt of £114.6 million. It has delivered an IRR to its Partners of 23% pa and a profit of over £50 million.
Atlantic Leaf Properties Limited has recently acquired a 45.0% interest in the Joint Venture from LVS II Lux X S.A.R.L.. LondonMetric has increased its equity to 45.0%.
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Tom Gough / Richard Gotla
Tel: +44 (0) 20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT (ticker: LMP) that specialises in distribution, convenience and long income property with a focus on strong and growing income, and adding value through asset management initiatives and short cycle developments. LondonMetric has 12 million sq ft under management. Further information is available at www.londonmetric.com