LondonMetric sells two DFS properties

By Kasmira Jefford - Thursday, October 19, 2017 9:47

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LondonMetric Property has sold a further two DFS retail properties in Swindon and Swansea for £13.9m on behalf of the Company’s DFS Joint Venture.

The two properties formed part of a portfolio of 27 DFS assets acquired in 2014 for £175m at a NIY of 9.3%. The sales reflect a blended NIY of 7.5% and are in excess of book value.

The Joint Venture has now sold a total of 17 stores for a total receipt of £114.6m. It has delivered an IRR to its Partners of 23% pa and a profit of over £50m.

Atlantic Leaf Properties Limited has recently acquired a 45% interest in the Joint Venture from LVS II Lux X S.A.R.L.. LondonMetric has increased its equity to 45%.

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