LondonMetric Property PLC DISPOSAL OF TWO DFS RETAIL STORES FOR £14 MILLION (0122U)
October 19 2017 - 2:00AM
UK Regulatory
TIDMLMP
RNS Number : 0122U
LondonMetric Property PLC
19 October 2017
19 October 2017
LONDONMETRIC PROPERTY PLC
Disposal of two DFS retail stores for GBP14 million
LondonMetric Property Plc ("LondonMetric") announces that it has
sold a further two DFS retail properties in Swindon and Swansea for
GBP13.9 million on behalf of the Company's DFS Joint Venture.
The two properties formed part of a portfolio of 27 DFS assets
acquired in 2014 for GBP175 million at a NIY of 9.3%. The sales
reflect a blended NIY of 7.5% and are in excess of book value.
The Joint Venture has now sold a total of 17 stores for a total
receipt of GBP114.6 million. It has delivered an IRR to its
Partners of 23% pa and a profit of over GBP50 million.
Atlantic Leaf Properties Limited has recently acquired a 45.0%
interest in the Joint Venture from LVS II Lux X S.A.R.L..
LondonMetric has increased its equity to 45.0%.
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Tom Gough / Richard Gotla
Tel: +44 (0) 20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT (ticker: LMP) that specialises
in distribution, convenience and long income property with a focus
on strong and growing income, and adding value through asset
management initiatives and short cycle developments. LondonMetric
has 12 million sq ft under management. Further information is
available at www.londonmetric.com
This information is provided by RNS
The company news service from the London Stock Exchange
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