LondonMetric Property has sold four distribution assets in a 拢145.3m (鈧�487m) deal, providing the UK real estate investment trust (REIT) further capital to expand its urban logistics property portfolio.
LondonMetric said it has sold a 726,000sqft mega warehouse let to electrical retailer Dixons Carphone in Newark to an international investor for 拢80.8m and has sold two distribution assets in Doncaster to an overseas buyer for 拢51.2m
The Doncaster assets comprise a 330,000sqft mega warehouse let to fashion retailer Next and a 176,000sqft regional warehouse let to furniture retailer DFS.
In Rotherham, LondonMetric said a 152,000sqft regional distribution warehouse, let to the Royal Mail, has been sold to a global investor for 拢13.3m.
The FTSE 250 REIT said as a result of the sale, its big-box warehousing will represent 14% of its portfolio, across three assets.
The company鈥檚 income exposure from Dixons Carphone will fall from 6.3% to 3.0% and DFS exposure reduces from 5.4% to 4.3%.
Andrew Jones, CEO of LondonMetric, said: 鈥淲e 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.
鈥淭he 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.鈥�
