£120m worth of acquisitions and disposals at property investor

Listed business, LondonMetric Property, has transacted on £70m worth of warehouse acquisitions and £50m worth of non core disposals.

The £70m of acquisitions include five trade warehouses in Leeds, Derby, Swindon, Bolton and Farnham totalling 113,000 sq ft, acquired for £18.9m and let to Travis Perkins, MKM and Jewson.

The £50m of disposals consist of ten former LXi assets and a former CTPT asset.

Included in the disposals is a 34,000 sq ft car show room in York let to Vertu sold for £10.5m and an 18,000 sq ft Nissan car show room in Doncaster sold for £2.5m.

Andrew Jones, Chief Executive of LondonMetric, said: “We have been very clear on our desire to monetise some assets acquired from our corporate takeovers.

“We have now sold around £100m of LXi assets, with 13 of the 16 non core CTPT assets also sold at an average of 14% above our original underwrite values.

“We have successfully reinvested these proceeds into high quality properties, in stronger sectors that will deliver accelerated income growth.”