Three industrial assets sold for £21.6m by LondonMetric
LondonMetric has revealed it has sold four assets, in two separate transactions, for £25.6m.
A portfolio of three multi-let industrial assets totalling 53 units across 235,000 sq ft, located in Halesowen and Aston have been sold to The Ardent Companies for £21.6m.
They were acquired by LondonMetric in 2019 as part of the Mucklow acquisition for an allocated price of £15.8m.
The second transaction is a a roadside asset in Stamford Hill, London, which has been sold for £4m and let to TG Convenience for a further 19 years.
The assets generate a rent of £1.5m p.a. and the transactions are subject to delayed completions, which will generate £300,000 of additional income to LondonMetric.
Since the start of the current financial year, LondonMetric has exchanged on £111m of sales at an average premium of 8% to the 31 March 2022 book value.
Andrew Jones, the Chief Executive of LondonMetric, said: “We have continued to react to market interest for our assets and, despite the current macro uncertainty, have achieved strong sales that crystalise attractive returns. This activity continues to ensure that our portfolio remains modern, fit for purpose and positioned to outperform.”
LondonMetric was advised by ACRE Capital Real Estate at Birmingham and Lewis & Partners at Stamford Hill.