Real estate manager LondonMetric said it had sold £40.4m of mature and non-core urban warehousing, with a net initial yield (NIY) of 4.3%.
It said the five assets were sold in separate transactions and comprised three London warehouses in Walthamstow, Park Royal and Croydon and sold for £30.8m, reflecting a NIY of 3.9%, and two warehouses in Birmingham and Aberdeen for £9.6m with a NIY of 5.7%.
LondonMetric said the sales were in line with 30 September book values and delivered a profit on cost of 30% and an ungeared internal rate of return of 10%.
In the year to 31 March 2025, it sold over 70 assets for £347m at 1.6% above prevailing book values.
Andrew Jones, chief executive at LondonMetric, said: “The sales are both strategic and opportunistic.
“We have monetised lower yielding assets that have delivered on their asset management plans to deliver strong unlevered returns.
“The sales proceeds will be reinvested into our core sectors and assets that have superior income and rental growth prospects.”
