SECOND MUCKLOW OFFICE DISPOSAL
Source: RNS13 January 2020
LONDONMETRIC PROPERTY PLC
SECOND MUCKLOW OFFICE DISPOSAL
LondonMetric Property Plc ("LondonMetric") announces that it has sold an office park in Worcester for £6.2 million, reflecting a NIY of 6.7%.
The 28,000 sq ft out of town office scheme was acquired through the Mucklow acquisition in June 2019 for an allocated purchase price of £5.9 million. It is fully let for a further seven years to various occupiers at a rent of £15.60 psf.
The disposal price is 4.3% above acquisition cost and 2.5% above book value. The remaining office portfolio now totals nine investments and is valued at c.£55 million.
Completion of the disposal is delayed until the end of March 2020.
Andrew Jones, Chief Executive of LondonMetric, commented:
"This is our second office disposal from the Mucklow portfolio and we will continue to further sell down our non-core office investments."
FSP acted for LondonMetric and B2 Retail acted for the purchaser.
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
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT that owns one of the UK's leading listed logistics platforms alongside a diversified long income portfolio. 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. LondonMetric has 15 million sq ft under management.
Further information is available at www.londonmetric.com
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