LONDON (ShareCast) - (Sharecast News) - LondonMetric Property said on Thursday that it has sold four retail properties from its long income portfolio for £22.2m and bought three convenience stations for £10.8m.
The disposals reflect a blended net initial yield of 4.6%, while the acquisitions reflect a NIY of 4.7%.

The company has sold has sold two M&S food stores to a local authority for £14.68m in Haslemere and Ferndown, while in Leicester, a standalone Matalan unit has been sold to private investors for £3.4m.

On the Isle of Man, a property occupied by Boots and Spar has been sold to a local purchaser for £4.1m.

Separately, LondonMetric has acquired three BP/M&S convenience service stations in Brentwood, Pevensey and Lewes. The portfolio is let to BP for another 16 years and generates a rent of £0.54m a year, with fixed rental uplifts. LondonMetric said vacant possession value is materially above the purchase price.

Chief executive Andrew Jones said: "In a zero interest rate environment, well-let real estate continues to be in demand and so we have reacted to attractive offers to monetise select assets, including further non-core properties acquired through the Mucklow deal.

"These are all good sales which, together with our latest acquisition of three quality assets let to BP, improves our income granularity, lease lengths and credit whilst providing better certainty of income growth and geographical focus."

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