LondonMetric Property (LSE:LMP) has reported £105 million of investment activity since July as the real estate investment trust continues to adjust its property portfolio.
The company has sold seven assets for a combined £85 million at a net initial yield of 5.3%, with the disposals completed in line with March valuations.
The properties sold included two hospitals occupied by Ramsay Health Care, logistics warehouses, a Lidl store and Travelodge hotels. The transactions reduced LondonMetric’s rental exposure to Ramsay Health Care and Travelodge.
LondonMetric said total disposals during the current financial year now comprise 32 properties with a combined value of £175 million.
Acquisitions Completed at 5.9% Yield
Alongside its disposals, LondonMetric has completed £62 million of acquisitions at a combined yield of 5.9%.
The transactions include the £20 million forward funding of a Tesco foodstore in Nuneaton. The property is subject to a 20-year lease.
LondonMetric is also under offer on a further £140 million of long-let assets at yields above 6%. The company has not stated that these transactions have been completed.
LondonMetric Property Portfolio
LondonMetric Property is a UK-based triple net lease real estate investment trust with a property portfolio valued at approximately £8 billion.
Its portfolio includes assets across logistics, convenience retail, healthcare, entertainment and leisure. The company focuses on generating rental income from properties occupied under lease arrangements across these sectors.
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