LondonMetric Property has sold off seven properties in separate transactions for a total of £31.3m.

The sales reflect a blended net initial yield (NIY) of 7% and a 3% profit over prevailing book values.

LondonMetric confirmed the sales include £18.3m of non-core LXi REIT assets, which have been sold at 5% ahead of prevailing book values.

The sales comprise an Asda foodstore in Scotland sold for £10.5m, a retail park in Ipswich let to Wickes, Topps Tiles, McDonalds and Costa sold for £10.2m, two former Cazoo car showrooms in Edinburgh and Cardiff sold for £6.4m, a B&M retail store in Stourbridge sold for £2.8m, and a Travelodge hotel and a pub sold for £1.4m.

Separately, LondonMetric has acquired six reversionary urban warehouse assets for £45m, reflecting a NIY of 6.1% and a reversionary yield of 6.6%.

LondonMetric chief executive, Andrew Jones, commented: “We are delighted to have exited these non-core assets and reinvested the proceeds into much higher quality assets, which offer superior rental growth potential.

“We are continually looking to upgrade the quality of our portfolio and exit lower growth assets outside of our core sectors or those that do not meet our return criteria. As such, we expect to announce further disposals shortly.”

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