£28m Asda superstore sold in LondonMetric disposal deal

LondonMetric has disposed of 24 properties across non-core sectors for £57.9m.

The assets include a 73,000 sq ft Asda store in Halesowen in a £28m deal and it also marks an exit from the assisted living sector with the sale of 12 properties for £6.7m.

Since 31 March 2024, LondonMetric has sold 52 assets for £209m.

Other properties comprise:
· A leisure asset in Hamilton, sold for £9m
· Five pubs across various locations, sold for a total consideration of £8.2m
· Three Travelodge hotels in Perth, Carlisle and Stonehouse, sold for £4m
· A small development site in London and a Boots retail unit in Bangor, sold for £2m

Separately, LondonMetric has acquired a retail park on the outskirts of Basildon for £10m, which is let to Pets at Home, Poundland, Farmfoods, McDonald’s and KFC.

Andrew Jones, Chief Executive of LondonMetric, commented: “These are a series of excellent disposals reflecting our strategy of exiting assets and sectors that are incompatible with the listed REIT sector. We are redeploying the proceeds into winning sectors and higher quality assets that will provide better income reliability, predictability and trajectory.”