A SUPERMARKET building in Halesowen is among assets sold off by a London real estate investment trust.
LondonMetric Property PLC said on Monday it had sold a number of non-core assets across the UK as it looks to invest in higher-quality properties.
It sold 24 properties from non-core sectors for £57.9 million, reflecting a six per cent premium over prevailing book values.
The transaction included 22 assets which the company obtained from its merger with LXi REIT PLC in March.
A 73,000 square foot Asda food store in Halesowen was among the assets disposed of, selling for £28 million.
Chief executive Andrew Jones said: "These are a series of excellent disposals reflecting our strategy of exiting assets and sectors that are incompatible with the listed REIT sector. We are redeploying the proceeds into winning sectors and higher quality assets that will provide better income reliability, predictability and trajectory."
With the latest round of disposals finished, the FTSE 100-listed firm has sold 52 assets for £209 million since March 31, representing a NIY of 7.6 per cent.
An Asda spokesperson confirmed the sale would not affect trading.
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