LondonMetric offloads Liverpool grocery property for £10.2mln

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The property company has also made an acquisition - an urban logistics warehouse in Cardiff, which it bought for £11.1mln () said it sold a grocery asset in Liverpool for £10.2mln, reflecting a net initial yield (NIY) of 4.65%. The company bought the 29,000 square feet asset for £8.1mln in 2014. It is let to M&S and and generates a rent of £0.5 million a year and has a weighted average unexpired lease term (WAULT) of 12.6 years. LondonMetric said the sale price is line with the 31 March 2021 book value and crystallises a 26% profit on cost and an ungeared internal rate of return (IRR) of 9%. "This asset was one of our first grocery acquisitions and has delivered a strong return. The sale demonstrates the strength of demand for long let income, particularly smaller format grocery," said LondonMetric chief executive Andrew Jones. On Thursday, LondonMetric announced that it had acquired an urban logistics warehouse in Cardiff for £11.1mln, reflecting a blended
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