LondonMetric Property (GB:LMP) has released an update.
LondonMetric Property PLC has successfully sold two Scottish office properties, previously part of LXi REIT assets, for £36.6 million, at a 7.0% net initial yield, and a West Midlands care home for £0.5 million. These divestments are in line with the company’s strategy to exit non-core sectors and regions, and the funds are being reallocated to sectors where LondonMetric sees a competitive advantage. To date, LondonMetric has offloaded £55.4 million worth of non-core assets at 7% above book value.
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