Aldi supermarket included in £24.5m asset disposal

An Aldi supermarket in Leicester has been sold as part of £24.5m worth of asset disposals from LondonMetric Property’s recently acquired CT Property Trust portfolio.

The property – which was acquired in 2016 for £4.6m – has been sold in an off-market deal worth £6m, reflecting a topped-up net initial yield of 5.3%. The site is currently let to Aldi for a further 13 years.

LondonMetric has also disposed of a car showroom as well as three office assets in Newbury for a total consideration of £15.3m. Another office asset in Worcester has been sold for £3.2m.

The property company said that following the disposals, it has now sold £154m worth of assets this year. In September, it disposed of a number of retail assets from the CT Property Trust portfolio for £16.9m.

Andrew Jones, chief executive of LondonMetric, said: “Despite elevated debt costs, we are seeing good liquidity for smaller lot sizes across all sectors of the investment market.  Since completion of the CTPT acquisition in August, we have now sold seven of the 33 assets acquired representing c.8% of the portfolio by value, at prices comfortably ahead of our underwrite values.”