RNS Number : 9445Q
LondonMetric Property PLC
04 June 2024
 

4 June 2024


LONDONMETRIC PROPERTY PLC

LONDONMETRIC SELLS £37 MILLION OF FORMER LXi OFFICE ASSETS

 

LondonMetric Property Plc ("LondonMetric" or "Company") announces that it has exchanged contracts to sell two offices in Scotland to a single buyer for £36.6 million, reflecting a blended NIY of 7.0%.

The sales are former LXi assets and comprise:

·      An 85,000 sq ft office in Dundee let to BT on a 17.5 year lease with CPI linked rent reviews; and

·      A 60,000 sq ft office in Glasgow let to STV Plc for a further 17 years with five yearly compounded fixed reviews of 1.5% pa;

Separately, LondonMetric has sold a former LXi care home in the West Midlands for £0.5 million.

LondonMetric has now sold £55.4 million of non-core LXi REIT assets at an average of 7% above prevailing book values.

Andrew Jones, Chief Executive of LondonMetric, commented:

"These are good, well-let assets. However, we continue to exit non-core sectors and geographies and reinvest in sectors where we have a competitive edge and which are enjoying a structural tailwind."

LondonMetric was advised by Lismore Real Estate Advisors.

 

For further information, please contact:

LondonMetric Property Plc

Andrew Jones / Martin McGann / Gareth Price

Tel: +44 (0) 20 7484 9000

 

FTI Consulting

Dido Laurimore / Richard Gotla / Andrew Davis

Tel: +44 (0) 20 3727 1000

londonmetric@fticonsulting.com    

 

 

About LondonMetric Property Plc

LondonMetric is the UK's leading triple net lease REIT with a £6 billion portfolio aligned to structurally supported sectors of logistics, healthcare, convenience, entertainment and leisure. It owns and manages desirable real estate that meets occupiers' demands, delivers reliable, repetitive and growing income-led returns and outperforms over the long term. Further information is available at www.londonmetric.com

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DISEANKDEAFLEFA