REIT completes £6.2m sale of M&S Food Hall

LondonMetric Property plc, the FTSE 250-listed real estate investment trust, has sold a 15,000 sq ft unit at Wyvern Retail Park in Derby to a mystery investor.

The £6.2m disposal has taken nearly two years to complete, with the planned sale of the building having initially been announced in 2021.

The unit currently serves as an M&S Food Hall. It was built on the site of a former railway building which was last occupied by the Derby Fireplace Company.

The buyer is understood to be an overseas private investor.

LondonMetric told the London Stock Exchange this morning (6 March) it had completed six further UK disposals alongside the Derby deal, with the seven transactions totalling £33.9m.

Andrew Jones, chief executive of LondonMetric, said: “With the investment market strengthening over the past few months, we have taken advantage of this improved liquidity to opportunistically sell down some of our more mature long income assets. These sales crystalise strong returns and have been transacted at attractive yields and narrow discounts to book values.”