LondonMetric offloads £17m of non-core properties

LondonMetric Property has announced the sales of four long income and retail assets for a total consideration of £16.9m.

Included in the sale is a 27,000 sq ft Waitrose supermarket in Malmesbury, Wiltshire, for £9.6m. The store was acquired from Waitrose in June 2020 as part of a sale and leaseback portfolio of five stores.

The remaining three assets comprise 47,000 sq ft of high street retail in Sunningdale, near Windsor, and Rayleigh, Essex, which have been sold for £7.3 million. The properties total 15 units and were acquired by LondonMetric as part of its CT Property acquisition in August 2023.

Andrew Jones, chief executive of LondonMetric, said: “Following completion of our CT Property acquisition last month, we have been proactively looking to dispose of select non-core assets. We are very pleased to have quickly transacted on several sales at prices above our allocated book values, with the proceeds enabling us to pay off all outstanding floating rate debt, leaving 100% of our drawn debt hedged. We expect to announce further sales shortly.”

In March, the real estate investment trust sold a number of assets including an Aldi supermarket and a Premier Inn hotel for £33.9m.