StockMarketWire.com - LondonMetric Property said Monday it had sold three distribution warehouses for a combined £24.3m to various buyers, reflecting a blended net income yield of 5.4%.

The sale price achieved was 4% above book value, the company said.

Two of the properties were located in Wakefield and the third was a regional distribution warehouse in Ashby-de-la-Zouche.

'Whilst these sales will have an impact on our short term earnings, they are the right property decisions, which strengthen the remaining portfolio. Since the half year end, we have now sold a total of £66 million of assets across sub sectors at a NIY of 4.8% and a WAULT to first break of 6 years,' said Andrew Jones, Chief Executive of LondonMetric.




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