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LondonMetric has acquired three BP service stations following the sale of four retail units.
Chloe Shakesby

London property firm sells M&S Food stores and acquires BP stations in multi-million pound deals

A London property company has announced that it has acquired three service stations and sold four retail properties in a series of multi-million pound deals.

LondonMetric Property has sold two M&S Food stores to a local authority for £14.68m, as well as a stand-alone Matalan unit for £3.4m and a property occupied by Boots and SPAR for £4.1m.

The properties together saw LondonMetric earn a combined consideration of £22.2m, with the disposals crystallising a £4.1m profit on cost.

The company has also acquired three BP and M&S convenience service stations, in Brentwood, Pevensey and Lewes, for £10.8m.

BP will lease the three stations for another 16 years, generating a rent of £0.54m annually.

Andrew Jones, chief executive of LondonMetric, commented: “In a zero interest rate environment, well-let real estate continues to be in demand and so we have reacted to attractive offers to monetise select assets, including further non-core properties acquired through the Mucklow deal.

“These are all good sales which, together with our latest acquisition of three quality assets let to BP, improves our income granularity, lease lengths and credit whilst providing better certainty of income growth and geographical focus.”

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