LondonMetric sells cinema asset for £13.7m; acquires logistics warehouse
StockMarketWire.com - Real estate investor LondonMetric Property said it had exchanged contracts on the sale of an Odeon Cinema in Warrington for £13.7m.
The sale reflected a net initial yield of 4.8%.
The company also announced that it had acquired an urban logistics asset in Milton Keynes for £12.0m, reflecting a deemed net initial yield of over 5.0%.
The cinema disposal was agreed above current book value and was expected to generate an un-geared internal rate of return of around 20%.
At Milton Keynes, the 112,000 square foot urban logistics warehouse was let to Royal Mail for a further 10 years.
At 3:09pm: (LON:LMP) LondonMetric Property share price was -0.85p at 184.05p
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