LondonMetric Property PLC - London-based real estate investment trust - Sells £40.4 million of mature and non-core urban warehousing, reflecting a net yield of 4.3%. Five assets have been sold in separate transactions to owner occupiers and long only funds. The deal includes three London warehouses in Walthamstow, Park Royal and Croydon, sold for £30.8 million and reflecting a NIY of 3.9%; and two warehouses in Birmingham and Aberdeen, sold for £9.6 million and reflecting a NIY of 5.7%. The company says the sales are in line with book values as of the end of September and have delivered a profit on cost of 30% and an ungeared internal rate of return of 10%. The firm says it has sold 70 assets for £347 million, taking a £342 million share, at 1.6% above prevailing book values in the year to the end of March.

Chief Executive Andrew Jones said: ‘The sales are both strategic and opportunistic. We have monetised lower yielding assets that have delivered on their asset management plans to deliver strong unlevered returns. The sales proceeds will be reinvested into our core sectors and assets that have superior income and rental growth prospects.’

Current stock price: 175.60 pence, down 2.2% in London on Monday morning

12-month change: down 12%

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