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LondonMetric sells UK warehouse portfolio for £24M

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LondonMetric sells UK warehouse portfolio for £24M

Diversified real estate investment trust LondonMetric Property PLC sold three distribution warehouses in the U.K. for £24.3 million, a 4% premium to the assets' book value.

The selling price also reflected a 5.4% blended net initial yield.

Two of the properties are in Wakefield, while the third, a regional distribution warehouse, is in Ashby-de-la-Zouche. The warehouses have a combined weighted average unexpired lease term of 3.4 years, with the portfolio subject to open market reviews.