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