TIDMLMP

RNS Number : 3280S

LondonMetric Property PLC

16 March 2021

16 March 2021

LONDONMETRIC PROPERTY PLC

ACQUISITION OF TWO properties for GBP31 million

LondonMetric Property Plc ("LondonMetric") announces the acquisition of two warehouses in Milton Keynes for GBP31.2 million, reflecting a blended net initial yield of 4.4% and a reversionary yield of 5.0%. The buildings have a WAULT of 22 years and benefit from contractual rental uplifts.

The two properties have been acquired in separate transactions and comprise:

-- A 66,000 sq ft unit, which is let to TalkTalk as a data centre and has been acquired for GBP23.9 million. It is let for a further 26 years term certain and benefits from annual RPI linked rent reviews of between 2-4%. The property is strategically located one mile from the centre of Milton Keynes. It exhibits a very low site density of 29% and offers excellent data and power connectivity. The occupier has invested significantly into the building.

-- A 42,000 sq ft urban logistics warehouse, which has been acquired for GBP7.3 million. It is let on a new 10 year lease and benefits from annual rent reviews at the higher of OMV or RPI between 2% to 5%. The building is located three miles from the centre of Milton Keynes and has a very low site density of 27%.

Andrew Jones, Chief Executive of LondonMetric, commented:

"Following our recently announced disposal of long let NNN retail assets, we are pleased to have quickly redeployed the proceeds into two high quality acquisitions let on very long leases with guaranteed rental growth.

"These assets are very well located in attractive urban geographies with strong infrastructure characteristics and provide high occupier contentment."

LondonMetric was advised by Knight Frank on the larger unit and by Allsop on the other building.

OLIM Property Limited, who sold the larger unit for a discretionary investment management client, was advised by JLL.

For further information, please contact:

LondonMetric Property Plc

Andrew Jones / Martin McGann / Gareth Price

Tel: +44 (0) 20 7484 9000

FTI Consulting

Dido Laurimore / Richard Gotla / Andrew Davis

Tel: +44 (0)20 3727 1000

About LondonMetric Property Plc

LondonMetric is a FTSE 250 REIT that owns one of the UK's leading listed logistics platforms alongside a diversified long income portfolio, with 16 million sq ft under management. It owns and manages desirable real estate that meets occupiers' demands, delivers reliable, repetitive and growing income-led returns and outperforms over the long term.

Further information is available at www.londonmetric.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQKZGMFRKZGMZM

(END) Dow Jones Newswires

March 16, 2021 03:00 ET (07:00 GMT)

Grafico Azioni Londonmetric Property (LSE:LMP)
Storico
Da Giu 2021 a Lug 2021 Clicca qui per i Grafici di Londonmetric Property
Grafico Azioni Londonmetric Property (LSE:LMP)
Storico
Da Lug 2020 a Lug 2021 Clicca qui per i Grafici di Londonmetric Property