LONDON: LondonMetric Property Plc announced that it has exchanged contracts to sell two offices in Scotland to a single buyer for £36.6 million, reflecting a blended NIY of 7.0%.
The sales are former LXi assets and comprise:
- An 85,000 sq ft office in Dundee let to BT on a 17.5 year lease with CPI linked rent reviews; and
- A 60,000 sq ft office in Glasgow let to STV Plc for a further 17 years with five yearly compounded fixed reviews of 1.5% pa;
Separately, LondonMetric has sold a former LXi care home in the West Midlands for £0.5 million.
LondonMetric has now sold £55.4 million of non-core LXi REIT assets at an average of 7% above prevailing book values.
Andrew Jones, Chief Executive of LondonMetric, commented: “These are good, well-let assets. However, we continue to exit non-core sectors and geographies and reinvest in sectors where we have a competitive edge and which are enjoying a structural tailwind.”
LondonMetric was advised by Lismore Real Estate Advisors.