£24.5m worth of assets disposed of by LondonMetric

LondonMetric Property has announced the sale of four offices and two assets in separate transactions in a £24.5m deal.

Four non-core assets have been sold from the recently acquired CT Property Trust portfolio for £15.3m, comprising three regional offices and a car showroom in Newbury. The sales follow on from last month’s disposal of three high street retail assets from the CTPT portfolio.

LondonMetric has also sold an office investment in Worcester for £3.2m which was acquired as part of the A&J Mucklow takeover in 2019 and is let for a further seven years.

In addition, and in response to an off-market approach, LondonMetric has sold a convenience food investment in Leicester for £6m. The property was acquired in 2016 for £4.6 million and is let to Aldi for a further 13 years.

Following these disposals, £154m of assets have now been sold by the firm this financial year.

Andrew Jones, chief executive of LondonMetric, said: “Despite elevated debt costs, we are seeing good liquidity for smaller lot sizes across all sectors of the investment market.

“Since completion of the CTPT acquisition in August, we have now sold seven of the 33 assets acquired representing c.8% of the portfolio by value, at prices comfortably ahead of our underwrite values.”