StockMarketWire.com - LondonMetric Property said it had sold two 'mega box' warehouses and two regional distribution warehouses for a combined £145.3m, of which its share was £141.9m.

The total sale price reflected a 2.6% discount to the assets' combined book value at the end of September.

They included a 726,000 square foot mega warehouse in Newark, which was sold to an 'international investor' for £80.8m, reflecting a net initial yield of 5.1%.

Two distribution assets in Doncaster, meanwhile, were sold to an 'overseas buyer' for £51.2m, reflecting a net initial yield of 6.2%.

Also sold was a regional distribution asset in Rotherham, to another offshore buyer the company didn't identify, for £13.3m, at a net initial yield of 5.0%.

The four properties generated a rent of £8.3m per year.

'We have taken the opportunity to respond to global investor demand for distribution warehousing to monetise some of our larger assets in geographies where we expect income growth to be more muted,' chief executive Andrew Jones said.

'The sales further improve the income diversification of our largest occupiers and provides headroom to invest further into urban logistics, which continues to offer superior income growth prospects.'





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