LondonMetric Property has sold 24 properties across several of its non-core sectors for a total consideration of £57.9m.

The property group revealed that the sales include 22 LXi properties and reflected a 6% profit over prevailing book values.

Among the sales are an Asda foodstore in Halesowen sold for £28m, as well as a leisure asset in Hamilton for £9m, and five pubs across various locations sold for a total consideration of £8.2m.

Separately, LondonMetric has also acquired a retail park on the outskirts of Basildon for £10m, reflecting a NIY of 6.7% rising to 7.3% following upcoming rent reviews.

Chief executive of LondonMetric, Andrew Jones, commented: “These are a series of excellent disposals reflecting our strategy of exiting assets and sectors that are incompatible with the listed REIT sector.

“We are redeploying the proceeds into winning sectors and higher quality assets that will provide better income reliability, predictability and trajectory.”

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