- LondonMetric Property has sold a grocery asset in Liverpool for £10.2 million, reflecting a net initial yield of 4.65%.

The 29,000 square foot asset was acquired in 2014 for £8.1 million and is let to M&S and Aldi. It generates a rent of £0.5 million a year and has a WAULT (weighted average unexpired lease term) of 12.6 years.

The sale price is line with the 31 March 2021 book value and crystallises a 26% profit on cost and an ungeared IRR of 9%.

Andrew Jones, chief executive of LondonMetric, commented: 'This asset was one of our first grocery acquisitions and has delivered a strong return. The sale demonstrates the strength of demand for long let income, particularly smaller format grocery.'

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