LondonMetric Property Plc to sell two offices in Scotland for £36.6 million

LondonMetric Property
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LondonMetric Property Plc (LON:LMP) has announced 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 Property 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 Property, 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.

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