LondonMetric Property Plc has simultaneously exchanged and completed the sale of a portfolio of three multi-let industrial estates for £46 million (€52 million/$56.6 million).
The estates total 446,000 square feet across 113 units in England, located in Birmingham (Coleshill and Stirchley) and the third in Dudley (Enterprise).
“These assets have generated returns significantly above our initial expectations from accelerated rental growth and material yield compression,” said Andrew Jones, chief executive of LondonMetric. “However, our portfolio is heavily focused on triple net income and so this is an opportune time to crystallize our investment in multi-let estates. Together with our other recent sales, this disposal puts us in a strong position to take advantage of new opportunities that we expect to see across the urban and regional warehouse markets.”
