RNS Number : 9709M

LondonMetric Property PLC

27 January 2021

27 January 2021


ACQUISITION OF TWO urban LOGISTICS warehouses for GBP13 million

LondonMetric Property Plc ("LondonMetric") announces the acquisition of two urban logistics warehouses in London and Redditch for GBP13.2 million, reflecting a blended net initial yield of 4.7%. The warehouses are let for 15 years and benefit from RPI linked rent reviews.

In London, a 20,000 sq ft urban warehouse has been acquired for GBP7.7 million. It is let at a rent of GBP0.35 million pa to Ford as a service and parts centre and has been comprehensively refurbished. The building has a low site density for London of 40% and is located just outside the A406 North Circular in Alperton between Perivale, Wembley and Park Royal.

In Redditch, a newly developed 46,000 sq ft urban warehouse has been acquired for GBP5.5 million. It is let at a rent of GBP0.3 million pa to Heartbeat Manufacturing, a leading manufacturer and distributor of display innovations. The BREEAM Very Good building is located on a new logistics park 2 miles from the town centre and close to the M42 / M40 junction.

Andrew Jones, Chief Executive of LondonMetric, commented:

"These are high quality urban logistics acquisitions let on long leases with guaranteed rental growth. They are well located, in good geographies where the underlying value of the land significantly underwrites the purchase price."

LondonMetric was advised by Altus Group at Alperton and by FSP at Redditch.

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) Dow Jones Newswires

January 27, 2021 02:00 ET (07:00 GMT)

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