IN BRIEF: LondonMetric Property recycles capital ahead of Picton deal
LondonMetric Property PLC - London-based real estate investment trust focused on owning and managing logistics, convenience, healthcare, entertainment and leisure properties - Sells seven properties for £85 million in total since its last trading update at the start of July. The property sales - most significantly £59 million for two Ramsay Health Care hospitals in Truro and Salford, England - are made at prices in line with March book values and reflecting a net initial yield of 5.3%. LondonMetric notes it now has sold 32 property assets for £175 million in total since the start of its financial year in April.
Acquisitions so far in financial 2027 have totalled £62 million at a yield of 5.9%, while a further £140 million in properties with yields above 6% are under offer, LondonMetric says.
"Despite a challenging macroeconomic backdrop, we have made excellent progress in selling further non-core assets over the past two months," says Chief Executive Andrew Jones, adding: "Whilst the investment market is generally quieter over the summer, we have been heavily engaged on reinvestment opportunities that have higher growth prospects, particularly those emanating from pension funds. We expect to transact on a number of these shortly."
LondonMetric, together with Schroder Real Estate Investment Trust Ltd, is in the process of acquiring Picton Property Income Ltd. The £404 million deal is expected to be completed next week.
Current LondonMetric stock price: 182.44 pence, up 0.1% on Thursday morning in London
12-month change: up 2.8%
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