LONDON (ShareCast) - (Sharecast News) - LondonMetric has sold two logistics warehouses in Sheffield and Wakefield to Exeter Property Group for £67m.
The 527,000 sq ft Wakefield property, which was previously occupied by Poundland, was sold for £43.5m. The building was acquired on practical completion in September 2016 for £39.4m and the company said the sale is in line with book value.

Meanwhile, the 335,000 sq ft property in Sheffield, which is let to M&S until 1 April, fetched £23.5m. LondonMetric said it retains the adjoining 290,000 sq ft warehouse, also let to M&S and which has recently been re-geared.

Chief executive Andrew Jones said: \"As a REIT, we continue to be attracted to the income compounding qualities of well let real estate and so have reacted to an off market approach to monetise these two non-income generating properties.

\"The receipts will be recycled into more urban logistics assets where valuations are better supported and future rental growth is more certain.\"

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