LondonMetric sells three estates for £46m

LondonMetric Property on Thursday said it had sold a portfolio of three multi-let industrial estates for £46m.

The estates, in England's Midlands, total 446,000 sq ft across 113 units and generate £2.9m of yearly rental income. The deal reflects a net interest yield of 5.8% with the disposal slightly above book value at September 30, 2022.

The properties were previously acquired as part of the Mucklow acquisition in June 2019. Since that transaction, more than £140m of Mucklow assets have now been sold, reflecting a 24% uplift against allocated cost, the company said.

Reporting by Frank Prenesti for Sharecast.com.