LondonMetric Property makes second Mucklow office disposal
LondonMetric Property (LondonMetric) has sold an office park in Worcester for GBP6.2 million, reflecting a NIY of 6.7 per cent.
The 28,000 sq ft out of town office scheme was acquired through the Mucklow acquisition in June 2019 for an allocated purchase price of £5.9 million. It is fully let for a further seven years to various occupiers at a rent of GBP15.60 psf.
The disposal price is 4.3 per cent above acquisition cost and 2.5 per cent above book value. The remaining office portfolio now totals nine investments and is valued at cGBP55 million.
Completion of the disposal is delayed until the end of March 2020.
Andrew Jones, Chief Executive of LondonMetric, says: “This is our second office disposal from the Mucklow portfolio and we will continue to further sell down our non-core office investments.”
FSP acted for LondonMetric and B2 Retail acted for the purchaser.