LONDON (Alliance News) - Real Estate Investment Trust Londonmetric Property PLC Thursday said it has been active in the market since April, buying four properties for GBP26.4 million and disposing of more than GBP50 million worth of properties.
In an interim management statement for the period from April 1 to date, the company said it sold GBP33.8 million worth of commercial properties at an average exit yield of 5.6%, and GBP16.9 million of residential properties across 32 units at an average exit yield of 2.6%.
Additionally, the company added GBP351,000 in rental income across 729,000 square feet.
Londonmetric said its investment portfolio is worth GBP1.18 billion, although no revaluation was undertaken during the period.
At an operating level, the company said it negotiated surrenders and took space back from PC World, Carpetright PLC and Store 21, and agreed new lettings to Next, B&M European Value Retail, TKMaxx and Aldi within its retail portfolio.
During the period, the company refinanced or completed on new loans totalling GBP151.8 million. The company said its net debt, including joint ventures, now stands at GBP469.4 million and it has GBP64.5 million of undrawn facilities available.
Looking ahead, Londonmetric said it believes that current market pricing remains rational, although, if money flows from investors continue at their present rate, some evidence of irrational pricing could emerge.
"Our ability to navigate the investment market while remaining disciplined and finding value is a major focus of investment strategy," the company said.
Londonmetric shares were quoted up 0.7% at 138.25 pence Thursday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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