London REIT sells off sites

Kasmira Jefford
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LONDONMETRIC Property said yesterday it has sold 11 distribution properties for £247.6m to a joint venture between Prologis Europe and Norges Bank Investment Management.

The property firm said the deal represented a 6.25 per cent yield and that the properties, which is primarily let to third party logistics operators, were sold at a premium to current book value.

LondonMetric said it will continue to focus on the retail distribution market.