LONDON (ShareCast) - (ShareCast News) - LondonMetric Property announced on Thursday that it has sold a further two DFS retail properties in Swindon and Swansea for £13.9m, on behalf of its DFS joint venture.
The FTSE 250 company said the two properties formed part of a portfolio of 27 DFS assets acquired in 2014 for £175m at a net initial yield of 9.3%.

It said the sales reflected a blended net initial yield of 7.5%, and were in excess of book value.

"The joint venture has now sold a total of 17 stores for a total receipt of £114.6m," LondonMetric's board said.

"It has delivered an internal rate of return to its partners of 23% per annum and a profit of [more than] £50m."

The board added that Atlantic Leaf Properties recently acquired a 45.0% interest in the joint venture from LVS II Lux X, with LondonMetric increasing its equity to 45.0%.

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