Last checked at 3 Nov 2016 07:00
3 November 2016
LONDONMETRIC PROPERTY PLC
LONDONMETRIC SELLS RETAIL ASSET IN ST ALBANS
LondonMetric Property Plc ("LondonMetric") announces that it has sold its Alban Retail Park in St Albans for £5.75 million.
The 25,000 sq ft property was purchased in 2012 for £4.6 million at a NIY of 7.8%. The asset is let to Dunelm for a further four years and has been purchased by Dunelm Estates Limited.
The sale has generated an ungeared IRR of 15% (24% geared) and is slightly ahead of the March 2016 book value.
Andrew Jones, Chief Executive of LondonMetric, commented:
"This is a very good asset that has supported our income compounding objectives as well as delivering a c20% profit on cost.
"We will continue to respond to strong buying interest for our mature retail assets and monetise where we see preferable opportunities to reinvest."
-Ends-
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Tom Gough / Clare Glynn
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric (ticker: LMP) aims to deliver attractive returns for shareholders through a strategy of increasing income and improving capital values. It invests across the UK in retail led distribution, out of town and convenience retail properties. It employs an occupier-led approach to property with a focus on strong income, asset management initiatives and short cycle development. Its portfolio is broadly split between distribution and retail with a total of 12 million sq ft under management. LondonMetric works closely with retailers, logistics providers and leisure operators to help meet their evolving real estate requirements.
Further information on LondonMetric is available at www.londonmetric.com.