UK-listed logistics investor LondonMetric Property has sold a portfolio of three multi-let industrial estates for 拢46m (鈧�52m).
The FTSE 250 real estate investment trust said the 446,000sqft portfolio was sold slightly above its 30 September 2022 book value.
The estates 鈥� located in Birmingham (Coleshill and Stirchley) and Dudley (Enterprise) 鈥� were previously acquired as part of the A&J Mucklow Group acquisition in June 2019.
LondonMetric said over 拢140m of Mucklow assets have now been sold since Since the Mucklow transaction.
Andrew Jones, LondonMetric鈥檚 CEO, said: 鈥淭hese assets have generated returns significantly above our initial expectations from accelerated rental growth and material yield compression.
鈥淗owever, our portfolio is heavily focused on triple-net income and so this is an opportune time to crystallise our investment in multi-let estates.鈥�
Jones said the latest transaction, together with other recent sales, puts LondonMetric in a 鈥渟trong position to take advantage of new opportunities that we expect to see鈥� across the urban and regional warehouse markets.
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