- LondonMetric said Thursday it plans to sell four distribution and two industrial warehouses for £36.0m to Pacific Industrial & Logistics REIT, reflecting a blended net interest yield of 5.9%.

This sale would represent a profit of £5.3m with an ungeared internal rate of return of 15% per annum.

The assets were sold to Pacific Industrial & Logistics REIT in two portfolios and the sale was said to be conditional on completion of its recently announced fundraising.

Completion of the disposals were delayed by three and five months respectively, LondonMetric said, allowing the firm to continue to receive circa £700K of additional rent.

'As evidenced by our recent acquisitions we remain focussed on growing our logistics exposure, however we will always react to attractive off market approaches which offer our shareholders superior value. This transaction monetises our older and shorter let distribution assets in geographies where we believe rental growth is less certain,' said Andrew Jones, Chief Executive of LondonMetric.

At 8:35am: [LON:LMP] LondonMetric Property share price was +0.05p at 178.85p

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