LondonMetric sells £39m non-core office, retail real estate assets | News
LondonMetric Property has sold non-core office and retail properties worth £ 39m (EUR 45m) as part of the UK-listed Real Estate Investment Trust’s portfolio refinement plan.
LondonMetric announced that its joint venture with the Universities Superannuation Scheme has sold two retail properties in North Shields and Llanelli in separate transactions for a total of £ 21.1 million. LondonMetric’s share of the proceeds is GBP 10.6 million.
FTSE 250 also sold two offices and a retail division in Birmingham in three separate deals for a total of £ 17.4 million. The assets were originally acquired as part of the A&J Mucklow acquisition in 2019.
LondonMetric announced that it has now sold 12 former Mucklow assets totaling over £ 60 million as a result of the recent divestment, including nearly half of the Mucklow office portfolio.
Andrew Jones, LondonMetric CEO, said, “As part of our portfolio refinement, we are continuing to sell non-core and mature assets at attractive prices so that we can return to opportunities with greater certainty of income and earnings growth. ”
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