LondonMetric offloads two retail properties for £14m

LondonMetric Property PLC has sold two DFS retail properties in Swindon and Swansea for £13.9m.

The properties are part of a 27-asset portfolio acquired in 2014 for £175m at a net initial yield of 9.3%.

LondonMetric has a joint venture with DFS, which has now sold 17 stores for £114.6m.

The joint venture has delivered an internal rate of return to its partners of 23% per annum and a profit of over £50m.

Atlantic Leaf Properties Limited recently acquired a 45% interest in the joint venture from LVS II Lux X Sarl.

LondonMetric is a real estate investment trust that specialises in distribution, convenience and long-income property.

The company has 12 million sq ft under management.

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