LondonMetric sells cinema asset for £13.7m; acquires logistics warehouse

15:09 11/07/2018
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


Story provided by StockMarketWire.com

Forex

Commodities

What the Papers Say

telegraph financial times daily mail daily express independent times
23:08 Royal Mail suffers shareholder revolt as...
source: The Daily Mail
22:51 Boeing gets 528 orders at Farnborough...
source: The Daily Mail
22:51 Sports Direct boss Mike Ashley pays...
source: The Daily Mail
22:51 What's Sir Paul Tucker's beef with FCA...
source: The Daily Mail
22:33 All of Poundworld's 355 stores to close...
source: The Daily Mail
22:18 Charts That Count: Another China Crisis?
source: FT.com
22:09 Trump criticises Federal Reserve’s...
source: FT.com
22:05 DAILY BRIEFING: Boeing gets 528 orders...
source: The Daily Mail
22:05 ALL of Poundworld's 355 stores to close...
source: The Daily Mail
22:04 CITY DIARY: What's ex-deputy Bank...
source: The Daily Mail
[more ...]