LondonMetric has sold two private hospitals leased to Ramsay Health Care for £59.1m, part of £105m of investment activity as the property group continues to reshape its portfolio.
The real estate investment trust said it had sold seven assets in total for £85m since its July update, at prices in line with book value.
Alongside the Ramsay hospitals in Truro and Salford, which cut its holding of Ramsay sites from 11 to nine, the disposals included two logistics warehouses, a Lidl store and two Travelodge hotels.
The assets had mostly come in through past acquisitions, and the sales further trim the group’s exposure to both Ramsay and Travelodge.
Including the latest deals, LondonMetric has now sold 32 assets for £175m this financial year.
It is recycling the proceeds into long-let properties, with £62m of acquisitions so far at a 5.9% yield, including a £20m forward funding of a Tesco-let foodstore in Nuneaton, and a further £140m under offer at yields above 6%, largely long-let assets leased to grocers such as Lidl, M&S, Tesco and Waitrose.