The two properties formed part of a portfolio of 27 DFS assets acquired in 2014 for £175 million 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 £114.6 million. It has delivered an IRR to its Partners of 23% pa and a profit of over £50 million.
Atlantic Leaf Properties Limited has recently acquired a 45.0% interest in the Joint Venture from LVS II Lux X S.A.R.L.. LondonMetric has increased its equity to 45.0%.