LondonMetric Property PLC on Wednesday said it sold a number of non-core assets across the UK, as it looks to invest in higher-quality properties.
The London-based real estate investment trust sold ten properties for a total of £74.2 million, representing a net initial yield of 6.9%.
A 138,000 square foot retail park in Coventry sold for £37.3 million, a Compass Group PLC training office in Yarnfield sold for £17.4 million, and a convenience retail park in Totton sold for £9.5 million.
Also Wednesday, LondonMetric said it has acquired seven properties for £50.1 million with a NIY of 6.5% which is expected to rise to 7.2% over five years.
These include four Travis Perkins trade warehouses, a Premier Inn hotel, an M&S food store and a convenience retail property.
Chief Executive Andrew Jones commented: ‘We have again successfully disposed of non-core assets at prices in line with our valuations and reinvested into higher quality opportunities in strong conviction sectors, where rental growth prospects are more compelling.’
With this latest round of disposals finished, LondonMetric has sold a total of 65 assets for £307 million since March 31.
Shares in the FTSE 100 constituent were up 1.7% at 176.00 pence each in London on Wednesday morning.
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